Why China Unwrought Copper and Copper Semis Imports Down in January-July? SMM Reports

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,400.5/mt, touched a high of $13,462/mt early in the session before its center fluctuated downward, dipped to $13,328/mt before the center rose, and ultimately moved sideways to close at $13,391.5/mt, up 2.22%, with trading volume at 27,000 lots and open interest at 268,000 lots, an increase of 1,485 lots from the previous trading day, indicating bulls adding positions. Overnight, the most-traded SHFE copper 2606 contract opened at 103,350 yuan/mt, touched a high of 103,370 yuan/mt right at the open, then its center dipped to 102,850 yuan/mt before staying high and moving sideways, ultimately closing at 103,160 yuan/mt, up 0.49%, with trading volume at 36,000 lots and open interest at 199,000 lots, a decrease of 185 lots from the previous trading day, mainly indicating bears reducing positions.

[Atualização SMM sobre Cobre] A produção de cátodo de cobre em abril foi de 1,1789 milhão de toneladas, queda de 27.200 toneladas em relação ao mês anterior. A produção acumulada de janeiro a abril atingiu 4,7067 milhões de toneladas. A produção de cátodo de cobre em maio deve ficar em 1,1675 milhão de toneladas, queda de 11.400 toneladas em relação ao mês anterior.