LME copper prices opened at $8118/mt and closed at $8168.5/mt in last Friday evening trading, a decline of 0.13%, with the low-end of $8118/mt and the high-end of $8210/mt. Trading volume was 21,000 lots, and open interest stood at 262,000 lots. The most active SHFE 2312 copper contract prices opened at 67640 yuan/mt and closed at 67360 yuan/mt last evening, down 0.47%, with the high-end of 67310 yuan/mt and the low-end of 67650 yuan/mt. Trading volumes stood at 32,000 lots and open interest stood at 150,000 lots.
On the macro front, the U.S. non-farm payrolls increased by 150,000 after seasonally adjustment in October, the smallest increase since June. Market expectations were for 180,000. The total number of new jobs in August and September was 101,000 lower than before the revision. Domestically, Vice Minister of Commerce Sheng Qiuping hosted a roundtable meeting for foreign-invested enterprises in Shanghai and mentioned that restrictions on foreign investment access in the manufacturing sector will be completely lifted. SMM data showed that as of Friday November 3, copper inventory across major Chinese markets stood at 63,700 mt, up 4,800 mt from last Monday and down 4,300 mt from two Fridays ago. The inflow of imported copper in East China replenished spot resources which, coupled with high copper prices at the end of the month, reduced downstream demand and reduced inventories; inventories in South China reached a new low, mainly due to the decline in output of surrounding smelters and the impact of maintenance. In terms of consumption, downstream wait-and-see sentiment has intensified after the copper price rebounded, and demand is expected to weaken. Copper prices are expected to remain rangebound as the market is cautious.
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