Data: SHFE, DCE market movement (May 20)

Spot prices of #1 copper cathode in North China against the front-month contract were at a discount of 380-160 yuan/mt today, with an average discount of 270 yuan/mt, unchanged from the previous trading day. Transaction prices ranged from 99,720 to 100,210 yuan/mt, with an average of 99,965 yuan/mt, down 1,865 yuan/mt from the previous trading day.

SMM Morning Meeting Minutes: LME copper opened overnight at $13,300/mt and touched a high of the same level, initially fluctuating downward before the center of copper prices shifted straight down, then experiencing wide swings and probing as low as $12,787/mt, ultimately closing at $12,855/mt, down 2.9%, with trading volume reaching 22,100 lots and open interest at 322,000 lots, down 3,871 lots from the previous session, overall reflecting long liquidation. The most-traded SHFE copper contract 2603 opened overnight at 102,030 yuan/mt, initially climbing to 102,350 yuan/mt before fluctuating rangebound, then the center of copper prices pulled back straight to touch a low of 99,400 yuan/mt, ultimately closing at 100,030 yuan/mt, down 2.58%, with trading volume reaching 57,700 lots and open interest at 143,000 lots, down 4,515 lots from the previous session, overall reflecting long liquidation.