Frequent supply disruptions in South America led to a surge in copper prices overnight. SHFE copper broke through the 83,000 yuan/mt mark before quickly pulling back. [SMM Copper Futures Review]

SMM March 26 News: Last night, according to market sources, Glencore Plc suspended copper shipments from the Altonorte smelter in Chile. Meanwhile, Grupo Mexico's SPCC notified its smelter to halt production due to raw material issues, and the long-term contract supply for April has been reduced to zero. Overnight, LME copper surged above $10,100/mt, and the most-traded SHFE copper contract also broke through the 83,000 yuan/mt mark. The SHFE copper 2505 contract rose sharply in the morning session to test 83,270 yuan/mt, but a large number of longs liquidated their positions, causing the futures market to quickly drop to test 81,670 yuan/mt. Before the close, it fluctuated around 82,000 yuan/mt and settled at 81,980 yuan/mt, up 330 yuan/mt, or 0.4%, with a trading volume of 41,938 lots and open interest of 81,124 lots, a daily decrease of 9,493 lots. The price spread between the SHFE copper 2504 and 2505 contracts fluctuated between contango 20-70 yuan/mt during the day. Copper futures experienced significant volatility, with bullish sentiment pushing copper to a recent high. The fundamentals showed no bearish news in the short term, providing strong support for the bottom of copper prices. The macro front remained quiet tonight, with LME copper testing support at $9,950/mt and SHFE copper testing support at 81,500 yuan/mt. 》Order to view SMM metal spot historical prices.