SMM December 30 News: Overnight, LME copper opened at $8,961/mt, maintained wide fluctuations throughout the session, with its center moving upward. It bottomed at $8,951/mt in early trading and peaked at $8,997/mt near the close, finally settling at $8,981.5/mt, up 0.16%. Trading volume reached 9,000 lots, and open interest stood at 262,000 lots. Overnight, the most-traded SHFE copper 2502 contract opened lower at 73,930 yuan/mt, fluctuated upward in early trading, peaked at 74,180 yuan/mt during the session, then its center shifted downward and maintained slight fluctuations near the close, finally settling at 74,070 yuan/mt, down 0.38%. Trading volume reached 15,000 lots, and open interest stood at 148,000 lots. Macro side, uncertainties remain regarding the upcoming Trump administration's policies. The US dollar index fluctuated and eventually closed lower. However, year-end domestic consumption remained weak, leading to mixed performance in the domestic and overseas markets. Domestically, PBOC Governor Gongsheng Pan stated that monetary policy adjustments should be intensified, with a focus on improving precision. On the fundamentals, as the year-end approaches, most enterprises are controlling funds, resulting in overall sluggish market purchasing demand. In summary, with weak domestic consumption at year-end, copper prices are expected to fluctuate downward today.
