[SMM Analysis:The Cu SHFE/LME ratio may continue to improve in November]

China's copper cathode output in October fell by 29,400 mt MoM, down 2.62% MoM but up 9.63% YoY, with a cumulative increase of 11.96%.

[SMM Shanghai Spot Copper] Next week, copper prices are expected to fall and approach delivery, with spot premiums likely to remain relatively firm, and the trading center gradually moving closer to parity.

First Quantum Minerals (TSX: FM) said it has made progress in Panama during the third quarter as it advanced the government-approved preservation and safe management program at its suspended Cobre Panama copper mine.

SMM Morning Meeting Summary: LME copper opened at $11,044/mt overnight, initially touching a high of $11,062.5/mt before copper prices trended downward, approaching a low of $10,875/mt near the session's close and finally settling at $10,930/mt, down 1.44%, with trading volume reaching 35,000 lots and open interest at 333,000 lots. The most-traded SHFE copper contract 2512 opened at 87,380 yuan/mt overnight, hitting a high of 87,450 yuan/mt at the open before fluctuating downward to a low of 86,530 yuan/mt, ultimately closing at 87,270 yuan/mt, down 1.38%, with trading volume at 147,000 lots and open interest at 266,000 lots.