Copper Prices Hold Gains Despite Downward Move Overnight
The copper price center moved down overnight on the LME, but still closed at $14,135.5/mt, up 0.18% from the previous trading day. Trading volume reached 20,000 lots, and open interest increased by 2,423 lots to 266,000. The SHFE copper 2609 contract opened at 107,930 yuan/mt but ended down 0.03% at 107,790 yuan/mt.
The spot market in Shanghai saw the SHFE copper 2608 contract move sideways, with the overall price center slightly lower. Social inventory in East China rose slightly overall, and spot supply has not shown obvious tightening yet. Quotes against the front-month contract fell rapidly due to higher contract rollover costs.
Guangdong inventories fell for two consecutive days, with fewer arrivals and slightly higher warehouse withdrawals. Downstream buyers were cautious in purchasing, and suppliers proactively cut prices to sell, causing premiums to keep falling. Actual transactions remained very thin.