Copper Prices Climb as Bulls Take Control of Both LME and SHFE Markets

The LME and SHFE copper markets both closed higher on August 26, as bulls increased their positions. The LME copper price opened at $14,191/mt and edged down to $14,181/mt in early trading, but then drifted higher to a high of $14,310/mt before closing at $14,306/mt, up 0.52%. Trading volume rose to 16,000 lots, and open interest rose to 270,000 lots, an increase of 4,294 lots from the previous trading day.

The SHFE copper price also closed higher, opening at 108,240 yuan/mt and hitting an intraday low of 108,120 yuan/mt before drifting higher to an intraday high of 108,640 yuan/mt. It finally closed at 108,590 yuan/mt, up 0.27%. Trading volume rose to 28,000 lots, and open interest rose to 213,000 lots, an increase of 308 lots from the previous trading day.

The US Department of Energy announced $10 million in funding for seven projects aimed at accelerating early-stage technology R&D to more efficiently recover and purify critical materials needed for energy technologies. Three of the projects focus on extracting gallium from existing industrial processes, including bauxite and alumina processing, zinc refining residues, and industrial by-product residues.