US Election Kicks Off, Weakening US Dollar Index Boosts Copper Prices [SMM Copper Morning Comment]

Published: Nov 5, 2024 09:19

Source: SMM

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LME copper opened at $9,637.5/mt overnight, with the initial focus dipping to $9,617/mt. It then fluctuated upward, reaching a high of $9,717.5/mt during the session.

LME copper opened at $9,637.5/mt overnight, with the initial focus dipping to $9,617/mt. It then fluctuated upward, reaching a high of $9,717.5/mt during the session. The price slightly dropped back and maintained a fluctuating trend towards the end, finally closing at $9,676/mt, up 1.44%. The trading volume reached 20,000 lots, and the open interest was 273,000 lots. The most-traded SHFE copper 2412 contract opened at 77,060 yuan/mt overnight, initially dipping to 76,960 yuan/mt. It then fluctuated upward, reaching a high of 77,650 yuan/mt. Towards the end, the price slightly dropped back and maintained a fluctuating trend, finally closing at 77,390 yuan/mt, up 0.52%. The trading volume reached 43,000 lots, and the open interest was 169,000 lots. Macro side, with the US election approaching, Harris is slightly ahead in swing states, and the "Trump trade" is fading. The weakening US dollar index has boosted copper prices. Additionally, OPEC+ decided to delay its production increase plan by one month. OPEC Secretary General stated that peak oil demand will not occur, and the growth continues in the world, leading to a jump in oil prices, which also supported copper prices to some extent. Fundamentally, the arrivals of imported copper remain large this week, maintaining ample supply, but consumption has not significantly improved. Overall, copper prices are expected to have bottom support before the US election concludes.

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