U.S.-Iran Situation Stagnant, Copper Prices Pull Back [SMM Copper Morning Meeting Minutes]
SMM Morning Meeting Summary: Overnight, LME copper opened at $13,060/mt. Early in the session, the copper price center gradually shifted lower to $12,937.5/mt, then fluctuated upward to a high of $13,075/mt, before experiencing wild swings and ultimately closing at $13,034.5/mt, down 1.45%, with trading volume at 27,900 lots and open interest at 275,500 lots, down 3,200 lots from the previous trading day, indicating bulls reducing positions. Overnight, the most-traded SHFE copper 2606 contract opened at 101,020 yuan/mt, touching a low of 100,620 yuan/mt early in the session, then fluctuated upward to 101,320 yuan/mt, before moving sideways and ultimately closing at 101,000 yuan/mt, down 1.15%, with trading volume at 51,000 lots and open interest at 200,000 lots, down 2,327 lots from the previous trading day, indicating bears reducing positions.