SHFE Base Metals Warrants (2017-10-31)

The full-line connection and operation launch ceremony of the Zambia RDA Chipoma 3,000 t/y Hydrometallurgical Plant, constructed by China 15th Metallurgical Construction Group, was grandly held at the RDA Mining Area in Kasempa, Northwestern Province, Zambia, celebrating the successful production of high-quality cathode copper from the project.

SMM Morning Meeting Summary: Overnight, LME copper opened and peaked at $13,390/mt. Subsequently, the center of copper prices gradually shifted downward, reaching a low of $13,072/mt near the end of the session, and finally closed at $13,084.5/mt, with a decline of 1.59%. The trading volume reached 27,800 lots, and the open interest stood at 312,000 lots, a decrease of 3,474 lots from the previous trading day, mainly due to the reduction in long positions. The most-traded SHFE copper 2604 contract opened at 103,320 yuan/mt, initially rising to 103,630 yuan/mt. Thereafter, the price fluctuated downward, hitting a low of 102,250 yuan/mt near the end of the session, and ultimately closed at 102,280 yuan/mt, marking a decline of 1.23%. The trading volume was 69,800 lots, and the open interest was 199,000 lots, a reduction of 979 lots from the previous trading day, also primarily due to the reduction in long positions.

[SMM Copper Anode Update] Following the Chinese New Year holiday, smelters' raw material inventories of copper anode were somewhat depleted, but overall remained at a relatively high level. SMM smelter copper anode days of inventories in February 2026 stood at 7.92, down 0.33 MoM.