Daily LME Base Metals Inventory Changes (Dec 1)

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,653/mt, swung wildly in early trading to probe a high of $13,666/mt. The copper price center then fluctuated downward to touch a low of $13,512.5/mt, before swinging wildly again near the end of the session to finally close at $13,516/mt, down 0.69%, with trading volume at 23,700 lots and open interest at 270,300 lots, an increase of 1,898 lots from the previous trading day, indicating bears adding positions. Overnight, the most-traded SHFE copper 2607 contract opened at 104,470 yuan/mt, swung wildly in early trading to touch a high of 104,670 yuan/mt. The copper price center then dropped sharply to probe a low of 103,800 yuan/mt, before fluctuating upward to finally close at 104,010 yuan/mt, down 0.9%, with trading volume at 43,400 lots and open interest at 180,500 lots, a decrease of 942 lots from the previous trading day, indicating bulls reducing positions.

According to the draft, the US will commit in the first phase to a comprehensive 60-day ceasefire on all fronts, particularly within Lebanon. The release of a substantial portion of Iran's frozen assets and the ending of the maritime blockade are also included in the agreement. The Iranian side stated that the likelihood of a renewed war with the US is "low," but Iran's armed forces have "loaded their magazines" and remain in a state of combat readiness at all times.