Data: SHFE, DCE market movement (Nov 24)

SMM Morning Meeting Summary: Overnight, LME copper opened at $14,378/mt, drifted higher after the open, touched a high of $14,513/mt, and finally closed at $14,464/mt, up 1.50%. Trading volume reached 21,000 lots, and open interest reached 263,000 lots, an increase of 2,138 lots from the previous trading day, reflecting increased positions by bulls. Overnight, the most-traded SHFE copper 2610 contract opened at 109,200 yuan/mt, rose to touch a high of 109,850 yuan/mt during the session, then pulled back somewhat, and finally closed at 109,650 yuan/mt, up 1.06%. Trading volume reached 34,000 lots, and open interest reached 159,000 lots, a decrease of 776 lots from the previous trading day, reflecting reduced positions by bulls.

[SMM Copper Anode Market] From September 11 to September 17, the SMM weekly operating rate of secondary copper anode plate enterprises in China rebounded by 1.03 percentage points WoW to 52.43%. It is expected to decline by 0.62 percentage points WoW next week to 51.81%.