Operating Rate at China Copper Plate/Sheet, Strip and Foil Producers Up in August, SMM Surveys

[SMM Shanghai Spot Copper] SHFE copper futures center shifted upward. Shanghai spot copper remained around 106,500 yuan/mt. End-user cargo pick-up speed slowed down. Some copper semis processing enterprises in east China planned to shut down furnaces and cut production due to the buildup of finished product inventories.

Overnight, LME copper opened at $13,954.5/mt, dipping to a low of $13,941/mt in early trading before the price center rose, reaching a high of $14,056/mt and ultimately closing at $13,983.5/mt, up 0.75%. Trading volume came in at 22,000 lots, and open interest stood at 273,000 lots, down 242 lots from the previous trading day, indicating bears reducing positions. Overnight, the most-traded SHFE copper 2607 contract opened at 106,720 yuan/mt, immediately dipping to a low of 106,660 yuan/mt before the price center shifted upward, touching a high of 107,420 yuan/mt. It ultimately fluctuated at highs and closed at 107,100 yuan/mt, up 0.45%. Trading volume came in at 50,000 lots, and open interest stood at 191,000 lots, down 420 lots from the previous trading day, indicating bears reducing positions.