SMM Morning Meeting: Copper Prices Fluctuate as Market Awaits Direction

[SMM Morning Meeting Summary: Copper Prices Maintained a Fluctuating Trend Overnight as the Market Awaits Further Guidance]

Overnight, LME copper opened higher at $9,325.5/mt, then the center shifted downward, fluctuating rangebound in the early session. During the session, it continued to decline, bottoming at $9,258.5/mt, and slightly rebounded by the end of the session, finally closing at $9,289/mt, up by 0.2%. Trading volume reached 20,000 lots, and open interest stood at 279,000 lots.

Overnight, the most-traded SHFE copper 2503 contract opened at 76,250 yuan/mt, hitting a high of 76,340 yuan/mt in the early session. Subsequently, the center moved lower amid fluctuations, bottoming at 76,020 yuan/mt during the session. By the end of the session, the center slightly rebounded, closing at 76,130 yuan/mt, up by 0.29%. Trading volume reached 22,000 lots, and open interest stood at 163,000 lots.