Data: SHFE, DCE market movement (Oct 28)

SMM Morning Meeting Summary: Overnight, LME copper opened at $14,782.5/mt, initially drifted higher to touch $14,799/mt, then the price center drifted lower to $14,728/mt, before drifting higher again to close at $14,783/mt, up 0.81%, with trading volume of 20,500 lots and open interest of 264,000 lots, down 3,223 lots from the previous trading day, reflecting short covering. Overnight, the most-traded SHFE copper 2610 contract opened and touched a high of 111,840 yuan/mt, then drifted lower to 111,490 yuan/mt, and consolidated before closing at 111,610 yuan/mt, up 0.35%, with trading volume of 22,600 lots and open interest of 142,300 lots, down 4,459 lots from the previous trading day, reflecting short covering.

The State Council Information Office held a themed press conference under the series "A Good Start to the 15th Five-Year Plan" to brief on promoting the safe, efficient, and sustainable use of natural resources.According to the officials present, breakthroughs in mineral exploration have delivered encouraging results. From January to August, China's newly added recoverable reserves included nearly 70 million mt of oil and 610 billion m³ of natural gas. The Chating copper-gold mine in Anhui and the Zhugongtang lead-zinc mine in Guizhou each recorded newly added resources at a super-large scale.