China Base Metal Output Data in July 2017, SMM Exclusive Data

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,400.5/mt, touched a high of $13,462/mt early in the session before its center fluctuated downward, dipped to $13,328/mt before the center rose, and ultimately moved sideways to close at $13,391.5/mt, up 2.22%, with trading volume at 27,000 lots and open interest at 268,000 lots, an increase of 1,485 lots from the previous trading day, indicating bulls adding positions. Overnight, the most-traded SHFE copper 2606 contract opened at 103,350 yuan/mt, touched a high of 103,370 yuan/mt right at the open, then its center dipped to 102,850 yuan/mt before staying high and moving sideways, ultimately closing at 103,160 yuan/mt, up 0.49%, with trading volume at 36,000 lots and open interest at 199,000 lots, a decrease of 185 lots from the previous trading day, mainly indicating bears reducing positions.

[Actualización SMM sobre el cobre] La producción de cátodos de cobre en abril alcanzó 1,1789 millones de toneladas, una disminución de 27.200 toneladas respecto al mes anterior. La producción acumulada de enero a abril alcanzó 4,7067 millones de toneladas. Se espera que la producción de cátodos de cobre en mayo alcance 1,1675 millones de toneladas, una disminución de 11.400 toneladas respecto al mes anterior.