LME copper prices opened at $8344/mt and closed at $8402/mt in overnight trading, a gain of 2.09%, with the low-end of $8344/mt and the high-end of $8432/mt. Trading volume was 19,000 lots, and open interest stood at 284,000 lots. The most active SHFE 2310 copper contract prices opened at 69230 yuan/mt and finished at 69360 yuan/mt last evening, up 0.95%, with the low-end of 69230 yuan/mt and the high-end of 69500 yuan/mt. Trading volume was 26,000 lots, and open interest stood at 151,000 lots.
On the macro front, a survey by the New York Fed showed that U.S. consumers' inflation expectations were basically stable in August, but households were more worried about their financial situation and more pessimistic about the job market. China’s outstanding social financing stood at 368.61 trillion yuan at end-August, a year-on-year increase of 9%.
On Fundamentals, as of Monday September 11, SMM copper inventories across major Chinese markets stood at 95,100 mt, down 5,400 mt from last Friday and 5,300 mt higher than the same period last year. Inventories in east China and south China were significantly lower last weekend due to less arrivals and increased downstream replenishment. In terms of consumption, due to the large price difference between the SHFE front-month and SHFE next-month copper contracts, downstream purchasing was weak even as spot quotes were low. Domestic economic data bolstered copper prices.
![[ Анализ SMM ] Наглядное руководство по полугодовым отчетам 19 медеплавильных заводов за 2026 год](https://imgqn.smm.cn/usercenter/gCNEi20251217171715.jpeg)
