LME copper bulls increased positions, rising more than 1%, while SHFE copper bears reduced positions and slightly closed higher [SMM Copper Morning Meeting Minutes]
SMM, August 24 - Last Friday night, LME copper opened at $14,186/mt, initially drifted higher to a high of $14,260/mt, then retreated from highs to a low of $14,171/mt, and finally closed at $14,185/mt, up 1.02%. Trading volume reached 19,000 lots, open interest reached 263,000 lots, an increase of 1,603 lots from the previous trading day, indicating bulls adding positions. Overnight, the most-traded SHFE copper 2609 contract opened at 108,070 yuan/mt, initially tested a high of 108,280 yuan/mt, then consolidated and pulled back to a low of 107,840 yuan/mt, and finally closed at 107,900 yuan/mt, up 0.14%. Trading volume reached 21,000 lots, open interest reached 147,000 lots, a decrease of 2,861 lots from the previous trading day, indicating bears reducing positions.