SMM Copper Market Morning Comment (Jul 23)

Published: Jul 23, 2024 09:26

Source: SMM

Save

Overnight, LME copper opened and peaked at $9,269/mt, hitting a low of $9,172/mt during the session, and closed at $9,230/mt, down 0.58%.

Overnight, LME copper opened and peaked at $9,269/mt, hitting a low of $9,172/mt during the session, and closed at $9,230/mt, down 0.58%. Trading volume reached 23,000 lots, and open interest reached 301,000 lots. Overnight, the most-traded SHFE 2409 copper contract opened at 75,390 yuan/mt, peaking at 75,530 yuan/mt in the early session, then declining to a low of 75,170 yuan/mt, and closed at 75,510 yuan/mt, down 0.93%. Trading volume reached 49,000 lots, and open interest reached 182,000 lots. Macro side, the International Copper Study Group stated a global surplus of refined copper, increasing market concerns. Bulls continuously closed positions and exited, leading to a continuous decline in copper prices. Fundamentals side, copper prices continuously fell, intensifying the wait-and-see sentiment among downstream buyers, and market transactions did not show a sustained increase. As of July 22, SMM copper stocks in major regions of China decreased by 16,400 mt compared to last Thursday, reaching 358,700 mt, marking the third consecutive week of destocking. Price side, under market concerns, copper prices were under pressure.

Market review

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

14 hours ago

"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"

Premier Li Qiang presided over an executive meeting of the State Council to study policy measures for promoting effective investment. The meeting noted that promoting effective investment plays an important role in stabilizing economic growth and strengthening momentum for development. It is necessary to innovate and improve policy measures, and intensify efforts to enhance the efficiency of utilizing funds such as central budget investments, ultra-long-term special treasury bonds, local government special bonds, and new-type policy-based financial instruments. In conjunction with formulating and implementing the 15th Five-Year Plan

14 hours ago

"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the plenary sessions of the Party’s 20th Central Committee, fully and faithfully apply the new development philosophy, strengthen top-level design, build computing power interconnection nodes oriented toward national hub periods, major strategic regions, and key industries, establish a system of computing power interconnection nodes, improve the efficiency and service level of public computing power resources, and promote high-quality development of computing power.

14 hours ago

Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions

After intensive indirect consultations, the new round of nuclear talks between Iran and the US in Muscat, the capital of Oman, has achieved phased progress. It is reported that during this round of talks, the Iranian and US delegations did not meet directly. Instead, Omani Foreign Minister Badr acted as an intermediary, conveying a series of core proposals, strategic concerns, and policy positions to the other side. The atmosphere at the talks was tense yet efficient. According to preliminary on-site assessments, although both sides continue to negotiate over specific terms, they have reached a consensus on the key objective of "continuing dialogue."

14 hours ago