Copper Prices Stabilize as Market Awaits More Economic Data [SMM Copper Morning Comment]

LME copper opened at $9,622.5/mt overnight, initially reaching a high of $9,648/mt before declining throughout the session, hitting a low of $9,513/mt near the close, and finally rebounding slightly to close at $9,550/mt, down 0.06%. Trading volume reached 22,000 lots, and open interest was 276,000 lots. The most-traded SHFE copper 2412 contract opened at 76,660 yuan/mt overnight, initially reaching a high of 77,030 yuan/mt before declining throughout the session, hitting a low of 76,470 yuan/mt during the session, and finally rebounding slightly to close at 76,570 yuan/mt, up 0.07%. Trading volume reached 45,000 lots, and open interest was 152,000 lots. Macro side, the number of US JOLTs job openings in September fell to 7.443 million, the lowest level since early 2021, leading traders to increase their bets on a US Fed interest rate cut, stabilizing copper prices. However, the US core personal consumption expenditures price index for September, to be released on Thursday, will be the Fed's preferred inflation gauge. Fundamentally, as copper prices have recently fluctuated rangebound, end-use orders have seen a slight recovery, and some downstream consumption demand has also increased. Additionally, the SHFE copper contango structure has gradually narrowed, market pessimism has eased, and the supply of domestic copper cathode remains tight. It is expected that premiums will slightly recover today. In terms of prices, the US dollar index has risen 3.6% so far in October, marking its best monthly performance since April, putting pressure on copper prices and making it difficult for them to rise. The market is expected to maintain a fluctuating trend today as it awaits more economic data.