Copper Inventories in Shanghai Bonded Zone Fall This Week, SMM Reports

SMM Morning Meeting Minutes: Overnight, LME copper opened at $14,085/mt, hit a high right after the open, then drifted lower throughout the session, touching a low of $13,958/mt before finally settling at $14,024.5/mt, down 1.42%. Trading volume reached 27,000 lots, and open interest stood at 274,000 lots, a decrease of 1,215 lots from the previous trading day, reflecting long liquidation. Overnight, the most-traded SHFE copper 2610 contract opened at 106,900 yuan/mt, hit an intraday high of 107,020 yuan/mt, then drifted lower to touch a low of 106,650 yuan/mt before finally settling at 106,920 yuan/mt, down 3.29%. Trading volume reached 50,000 lots, and open interest stood at 185,000 lots, a decrease of 3,283 lots from the previous trading day, reflecting long liquidation.

The Autonomous Bougainville Government said the Lloyds Panguna Metals & Energy Limited camp at the Panguna copper-gold mine was attacked on September 13. Personnel were assaulted and machinery was damaged in an arson attack. Authorities have not disclosed the extent of injuries or equipment losses. President Ishmael Toroama condemned the incident and said the government would continue pursuing the mine’s redevelopment.