Geopolitical conflicts persist but inflation pressures ease, copper prices boosted, LME copper and SHFE copper both strengthen in night session [SMM Copper Morning Briefing]
SMM Morning Briefing: Overnight LME copper opened at $13,633/mt, edged down to $13,581/mt in early trading, then rose to touch a high of $13,707.5/mt, and finally settled at $13,600/mt, up 0.90%, with trading volume of 21,000 lots and open interest at 243,000 lots, down 3,933 lots from the previous trading day, reflecting bear position reduction. Overnight, the most-traded SHFE copper 2608 contract opened at 104,700 yuan/mt, edged up to 105,140 yuan/mt in early trading, then drifted lower to touch a low of 104,540 yuan/mt, and finally settled at 105,140 yuan/mt, up 0.28%, with trading volume at 31,000 lots and open interest at 144,000 lots, down 783 lots from the previous trading day, reflecting bear position reduction.