LME copper prices opened at $7977/mt and closed at $8077/mt in overnight trading, a gain of 1.15%, with the low-end of $7936.5/mt and the high-end of $8080/mt. Trading volume was 20,000 lots, and open interest stood at 269,000 lots. The most active SHFE 2312 copper contract prices opened at 66530 yuan/mt and finished at 66770 yuan/mt last evening, up 0.86%, with the low-end of 66390 yuan/mt and the high-end of 66930 yuan/mt. Trading volume was 47,000 lots, and open interest stood at 151,000 lots.
On the macro front, the preliminary Markit service PMI in the United States in October recorded 50.9, a new high since September 2022. The eurozone's preliminary composite PMI fell from 47.2 to 46.5 in October, the lowest level since November 2020. European Central Bank President Christine Lagarde told EU officials that efforts to combat inflation are going well. In terms of fundamentals, shipments in East China were brisk last weekend, and the supply of tradable goods was relatively tight this week. Coupled with the lower copper prices, downstream purchasing enthusiasm increased. Premiums and discounts rose accordingly. Inventories in South China have declined, and the price difference between Shanghai and Guangdong has narrowed. The supply of goods going to the south will decrease. Sellers raised prices, but the downstream acceptance was not high. Prices will remain at low levels in the near term.
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