High premiums curb downstream purchases, copper prices consolidate on a subdued note in the short term [SMM Copper Morning Meeting Summary]
SMM Morning Meeting Summary: Overnight LME copper was closed for the holiday. Overnight, the most-traded SHFE copper 2610 contract opened at 109,100 yuan/mt, dipped to 109,050 yuan/mt at the start of trading, then shot up to a high of 109,980 yuan/mt, before drifting lower to close at 109,350 yuan/mt, up 0.62%. Trading volume reached 46,500 lots, and open interest reached 223,000 lots, an increase of 2,121 lots from the previous trading day, showing bullish positioning.