Daytime copper futures continued to fluctuate at highs with strong bottom support, more likely to rise than fall [SMM Copper Futures Brief Review]

SMM September 10:

The most-traded SHFE copper 2510 contract fluctuated upward, opening at 79,690 yuan/mt and fluctuating at lows before bull funds pushed the price up to 79,890 yuan/mt in the afternoon, eventually closing at 79,790 yuan/mt, up 80 yuan/mt or 0.1% from the previous trading day. Trading volume was 152,000 lots, while open interest decreased slightly by 2,974 lots, indicating that bulls drove the price up during the session but overall funds remained cautious. Futures showed consolidation at lows followed by strength in the afternoon session, but pulled back toward the close, with the market continuing its fluctuating trend overall.

LME copper repeatedly tested the 10,000 US dollar level, providing some support to SHFE copper in the short term. Looking ahead, on the macro front, the market generally bets on a US Fed interest rate cut in September, but the path for rate cuts within the year remains uncertain, and US dollar movements may continue to dominate nonferrous volatility; fundamentals side, domestic September peak season consumption expectations remain to be verified, downstream restocking is limited, and the weak supply and demand pattern persists. Technically, 80,200 yuan remains resistance for SHFE copper, while support at the 79,500 yuan level holds, and short-term fluctuations may maintain a consolidating trend.