Exports extend gains in Shanghai-bonded copper stocks

SMM Morning Summary: Overnight, LME copper opened at $14,643/mt, with its center initially dipping to $14,624/mt before drifting higher. Near the end of the session, it touched a high of $14,858.5/mt and ultimately settled at $14,812/mt, up 0.57%. Trading volume reached 20,000 lots, and open interest stood at 271,000 lots, an increase of 4,639 lots from the previous trading day, driven by bullish positioning. Overnight, the most-traded SHFE copper 2610 contract opened at 111,150 yuan/mt, hitting a session low of 111,100 yuan/mt right at the open. Copper prices then moved higher, touching a high of 111,950 yuan/mt near the close, before consolidating in a narrow range at elevated levels to settle at 111,910 yuan/mt, up 0.71%. Trading volume reached 45,500 lots, and open interest stood at 232,000 lots, an increase of 3,238 lots from the previous trading day, driven by bullish positioning.

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