LME Metal Inventory and Cancelled Warrants Data as of April 28

BHP reported a 7% drop in quarterly copper output but expects full-year production to remain strong, indicating resilience despite operational challenges.

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,286/mt, with the center fluctuating upward to a high of $13,330/mt in the early session before declining, touching a low of $13,139/mt near the end of the session, and finally closing at $13,154.5/mt, down 0.68%. Trading volume reached 15,000 lots, and open interest stood at 279,000 lots, down 1,632 lots from the previous trading day, indicating bulls reducing positions. Overnight, the most-traded SHFE copper 2606 contract opened at 102,300 yuan/mt, with the center rising to a high of 102,810 yuan/mt in the early session, before the center declined near the end of the session to a low of 102,060 yuan/mt, and finally closing at 102,100 yuan/mt, down 0.04%. Trading volume reached 39,000 lots, and open interest stood at 198,000 lots, down 1,148 lots from the previous trading day, indicating bulls reducing positions.