LME copper closed at $8,854/mt last Friday evening, a decline of 1.63%.Trading volume was 12,000 lots and open stood at 251,000 lots. The most active SHFE 2303 copper contract finished at 68,050 yuan/mt last Friday evening, down 0.63%. Trading volume was 27,000 lots and open interest stood at 150,000 lots.
On the macro front, the market is currently focusing on the upcoming inflation data from the United States. Some investors are worried that it may exceed market expectations. The U.S. dollar index fluctuated higher last Friday night. As of Friday February 10, copper inventory across major domestic markets tracked by SMM decreased 1,500 mt from February 6 and stood at 312,900 mt. Since the end of December, the domestic inventory has accumulated for seven consecutive weeks, but the stock accumulation has begun to slow last week. The decrease in inventory is mainly due to the rapid recovery of consumption in Guangdong, while the inventory in east China is still increasing due to the slow recovery and the inflow of goods from the north.
In terms of consumption, most of the downstream plants have resumed last week, and it is expected that demand will continue to increase driven by the production resumption of more companies. As demand remains weak, copper prices may move down slightly in the near future.
![[ Анализ SMM ] Наглядное руководство по полугодовым отчетам 19 медеплавильных заводов за 2026 год](https://imgqn.smm.cn/usercenter/gCNEi20251217171715.jpeg)
