Zhongjin Lingnan Plans To Produce 400,000 Mt Of Copper Cathode In 2023

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,424/mt, swung wildly in early trading and touched a low of $13,398/mt, then the price center fluctuated upward, and near the close it rose to a high of $13,612.5/mt before finally closing at $13,575/mt, up 0.94%. Trading volume reached 21,100 lots, and open interest stood at 265,000 lots, a decrease of 2,125 lots from the previous trading day, indicating bears reduced positions. Overnight, the most-traded SHFE copper 2607 contract opened at 103,280 yuan/mt, dipped to 103,010 yuan/mt right at the open, then fluctuated upward and touched a high of 103,850 yuan/mt near the close, finally settling at 103,540 yuan/mt, up 0.13%. Trading volume reached 30,100 lots, and open interest amounted to 152,400 lots, a decrease of 8 lots from the previous trading day, indicating bears reduced positions.

During the week, the copper price center pulled back, boosting downstream purchase willingness. New orders in the enamelled wire industry achieved a phased recovery, and enterprise production enthusiasm rose in tandem, driving the weekly operating rate up.

This week (6.5-6.11), the operating rate of enamelled wire industry machines rebounded WoW ....