Spot Copper Prices in Shanghai Market on September 29

Peru’s Central Reserve Bank reported that the country’s molybdenum export volume rose 75.3% year on year in July 2026, in line with higher production. The increase points to stronger outbound shipments that month. Export volume and mine production are different measures, however, and one month’s shipments do not establish the outlook for future output or global supply.

SMM Morning Meeting Summary: Overnight, LME copper opened at $14,378/mt, drifted higher after the open, touched a high of $14,513/mt, and finally closed at $14,464/mt, up 1.50%. Trading volume reached 21,000 lots, and open interest reached 263,000 lots, an increase of 2,138 lots from the previous trading day, reflecting increased positions by bulls. Overnight, the most-traded SHFE copper 2610 contract opened at 109,200 yuan/mt, rose to touch a high of 109,850 yuan/mt during the session, then pulled back somewhat, and finally closed at 109,650 yuan/mt, up 1.06%. Trading volume reached 34,000 lots, and open interest reached 159,000 lots, a decrease of 776 lots from the previous trading day, reflecting reduced positions by bulls.