Domestic Real Estate Transaction Volume Rebounds, Copper Prices Expected to be Supported Today [SMM Copper Morning Comment]

Published: Nov 04, 2024 09:26 (GMT+8)
Source: SMM
LME copper opened at $9,550.5/mt last Friday, initially fluctuated slightly, and then rose to a high of $9,629.5/mt.

LME copper opened at $9,550.5/mt last Friday, initially fluctuated slightly, and then rose to a high of $9,629.5/mt. It subsequently fell back amid fluctuations, hitting a low of $9,521/mt during the session, and finally closed at $9,539/mt, down 0.08%. Trading volume reached 18,000 lots, and open interest reached 272,000 lots. Last Friday, the most-traded SHFE copper 2412 contract opened at 76,680 yuan/mt, initially hit a high of 77,170 yuan/mt, then fell to a low of 76,350 yuan/mt during the session, and finally rebounded to close at 76,780 yuan/mt, up 0.38%. Trading volume reached 54,000 lots, and open interest reached 156,000 lots. Macro front, the US added 12,000 non-farm jobs in October, the smallest increase since December 2020. Traders increased their bets on a 25 basis point interest rate cut by the US Fed next week. Meanwhile, a New York Times poll showed Harris slightly leading Trump in several swing states. Domestically, the Caixin Manufacturing PMI for October returned to expansion territory. Additionally, data from the Ministry of Housing and Urban-Rural Development showed that the total transaction volume of new and second-hand houses in October achieved growth for the first time after eight consecutive months of decline. The US dollar index fell, domestic macro factors were favorable, but consumption remained flat, leading to fluctuating copper prices. On the fundamentals, due to the concentrated delivery of long-term contracts at the beginning of the month and a slight increase in downstream purchasing enthusiasm, premiums rose, and supply might be somewhat tight. As year-end approaches, downstream consumption is unlikely to see a significant increase. Overall, with domestic real estate transaction data rebounding, the market might receive some boost, and copper prices are expected to have some support today.

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 for 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
What Could a Cobre Panamá Restart Mean for Global Copper Supply? [SMM Analysis]
5 hours ago
What Could a Cobre Panamá Restart Mean for Global Copper Supply? [SMM Analysis]
Read More
What Could a Cobre Panamá Restart Mean for Global Copper Supply? [SMM Analysis]
What Could a Cobre Panamá Restart Mean for Global Copper Supply? [SMM Analysis]
Cobre Panamá could again become a major source of global copper supply if Panama and First Quantum agree on a new operating framework. The mine produced 330.9 kt of copper in 2023 and historically supplied around 1% of global output. While stockpile processing has resumed, fresh mining remains suspended. Any restart would likely be phased, with timing dependent on negotiations, legal conditions and operational remobilisation.
5 hours ago
Vedanta Plans $2.3 Billion Expansion in India and Saudi Arabia, and Advances Tuticorin Smelter Restart
10 hours ago
Vedanta Plans $2.3 Billion Expansion in India and Saudi Arabia, and Advances Tuticorin Smelter Restart
Read More
Vedanta Plans $2.3 Billion Expansion in India and Saudi Arabia, and Advances Tuticorin Smelter Restart
Vedanta Plans $2.3 Billion Expansion in India and Saudi Arabia, and Advances Tuticorin Smelter Restart
Vedanta has unveiled a major investment plan, under which Vedanta Copper intends to invest $2.3 billion in India and Saudi Arabia over the next three to four years, targeting annual copper production of more than 1 million tonnes by 2030. The company aims to produce 500,000 tonnes annually in both India and Saudi Arabia, alongside existing production of 100,000 tonnes in Fujairah, UAE. Around $2 billion will be invested in Saudi copper mining, smelting and rod projects, with an investment decision on the proposed Saudi copper smelter expected this quarter. Vedanta is also seeking to restart its Tuticorin copper smelter in India, which has been closed since 2018. The company expects a court ruling within three months and, subject to approval, plans to invest $250 million in refurbishing the facility, targeting a restart within eight to nine months and annual copper output of 250,000 tonnes. Meanwhile, its Silvassa facility is operating at around 95% capacity, with annualised copper cathode production exceeding 245,000 tonnes.
10 hours ago
London BTC flags copper and antimony at Nevada Black Star
12 hours ago
London BTC flags copper and antimony at Nevada Black Star
Read More
London BTC flags copper and antimony at Nevada Black Star
London BTC flags copper and antimony at Nevada Black Star
London BTC Company Limited (LSE:BTC, OTCQB:VINZF) announced on 5 October 2026 initial on-site pXRF results from its Black Star gold-critical minerals project in Pershing County, Nevada. A maiden programme collected 69 rock-chip samples along a 2.5km corridor between the Western and Eastern targets. pXRF readings showed antimony up to 0.44% Sb, copper up to 30.0% Cu, bismuth up to 0.73% Bi and silver up to 811 ppm Ag, with the antimony-copper association appearing at both ends of the corridor. The signature mirrors a historical 1985 sample 120m south of the claims (>1% Sb, 2% Cu, 700 ppm Ag). Earlier due-diligence sampling returned up to 16.23 g/t gold and 50.5 g/t silver. Samples are now with MSALABS for laboratory assays, with full multi-element geochemistry including antimony, tungsten and copper to follow. Copper, as a by-product credit, adds strategic appeal under US critical-minerals policy, though results remain preliminary field readings.
12 hours ago