Global Copper Cathode Surplus in January; Overnight LME Copper and SHFE Copper Both Closed Lower [SMM Copper Morning Meeting Summary]
SMM Morning Meeting Summary: Overnight, LME copper opened at $12,264.5/mt. After testing a low of $12,282.5/mt in early trading, its center fluctuated downward, nearing the close and hitting a low of $12,079/mt, before finally closing at $12,120/mt, down 1.33. Trading volume reached 18,000 lots, open interest stood at 296,000 lots, an increase of 326 lots from the previous trading day, mainly reflecting bears adding positions overall. Overnight, the most-traded SHFE copper 2605 contract opened at 95,350 yuan/mt, tested a low of 95,900 yuan/mt in early trading, and then its center moved lower to a low of 94,950 yuan/mt, before finally closing at 95,150 yuan/mt, down 0.45. Trading volume reached 39,000 lots, open interest stood at 188,000 lots, a decrease of 2,104 lots from the previous trading day, mainly reflecting bulls reducing positions overall.