SHANGHAI, Nov 13 (SMM) - LME copper prices opened at $8070/mt and closed at $8036.5/mt last Friday evening, a drop of 1.02%, with the low-end of $8020/mt and the high-end of $8095/mt. Trading volume was 21,000 lots, and open interest stood at 264,000 lots. The most active SHFE 2312 copper contract prices opened at 67030 yuan/mt and finished at 66810 yuan/mt last Friday evening, down 0.61%, with the low-end of 66720 yuan/mt and the high-end of 67100 yuan/mt. Trading volume was 34,000 lots, and open interest stood at 145,000 lots.
On the macro front, the one-year expected consumer inflation rate in the United States in November was 4.4%, the highest level since April 2023, exceeding the expected 4% and the previous value of 4.2%. In addition, Moody's lowered the outlook on the U.S. rating to negative from stable. SMM data showed that as of Friday November 10, copper inventory across major Chinese markets stood at 56,300 mt, down 3,900 mt from last Monday and down 7,400 mt from two Fridays ago. Inventories hit the lowest for the year. Inventories in East China increased slightly. Although domestic copper increased, customs clearance of imported copper was small, and the total supply changed little. Inventories in South China fell sharply, mainly due to the small amount of imported copper and the reduction in production of surrounding refineries. In terms of consumption, high premiums combined with high price spread between the front-month and next-month contract will dampen demand before the delivery of the SHFE front-month contract.
![[ Análise SMM ] Um guia visual para os relatórios semestrais de 2026 de 19 fundições de cobre](https://imgqn.smm.cn/usercenter/gCNEi20251217171715.jpeg)
