Mitsubishi in Japan Halted Copper Smelting Operations; Overnight, Both LME Copper and SHFE Copper Closed Higher [SMM Copper Morning Meeting Summary]
SMM Morning Meeting Summary: Overnight, LME copper opened at $12,257/mt. After bottoming at $12,208/mt in early trading, its center fluctuated upward and reached a high of $12,383/mt, then hovered at highs and finally closed at $12,283/mt, up 1.58. Trading volume reached 23,000 lots, open interest stood at 296,000 lots, an increase of 3,418 lots from the previous trading day, mainly reflecting bulls adding positions overall. Overnight, the most-traded SHFE copper 2605 contract opened at 95,950 yuan/mt, bottomed at 95,530 yuan/mt in early trading, and then its center moved higher to a high of 96,580 yuan/mt. Copper prices then saw their center move lower and finally closed at 96,250 yuan/mt, up 1.11. Trading volume reached 51,000 lots, open interest stood at 190,000 lots, down 2,036 lots from the previous trading day, mainly reflecting bears reducing positions overall.