The LME Hong Kong delivery warehouse was officially put into use, with a significant increase in inventory yesterday [SMM Copper Morning Meeting Minutes]
SMM Morning Meeting Summary: Overnight, LME copper opened at $9,610/mt, fluctuating rangebound in the early session to a low of $9,588/mt during the session, before surging straight up to a high of $9,664/mt. After pulling back at the end of the session, it continued to rise, eventually closing at $9,637/mt, down 0.21%. Trading volume reached 17,000 lots, and open interest reached 268,000 lots. Overnight, the most-traded SHFE copper 2508 contract opened at 77,810 yuan/mt, rising slightly in the early session before pulling back to a low of 77,770 yuan/mt during the session, and then surging straight up to a high of 78,090 yuan/mt. After pulling back at the end of the session, it continued to rise to a high before pulling back again, forming an "M" shape. It eventually closed at 77,950 yuan/mt, up 0.01%. Trading volume reached 22,000 lots, and open interest reached 158,000 lots.