Teck Resources Warned of Rising Costs, LME Copper Fluctuated and Closed Lower Overnight [SMM Copper Morning Meeting Minutes]
SMM Morning Meeting Summary: Overnight, LME copper opened at $13,317/mt, moved sideways after the opening before dipping to a low of $13,168/mt, then the center rose to a high of $13,348/mt, and finally closed at $13,259/mt, down 0.68%, with trading volume at 18,000 lots, a decrease of 809 lots from the previous trading day; open interest stood at 316,000 lots, a decrease of 4,795 lots from the previous trading day, with the overall movement mainly characterized by bulls reducing positions. Overnight, the most-traded SHFE copper 2604 contract opened at 102,670 yuan/mt, fluctuated downward after the opening to a low of 101,780 yuan/mt, then the center rose to a high of 102,880 yuan/mt, and finally closed at 102,550 yuan/mt, down 0.15%, with trading volume at 55,000 lots, a decrease of 51,000 lots from the previous trading day; open interest stood at 186,000 lots, an increase of 1,437 lots from the previous trading day, with the overall movement mainly characterized by bears adding positions.