LME Copper Price Rises as Domestic and Imported Cargoes Boost Supply

The LME copper price touched a high of $14,128/mt after opening at $14,015/mt but pulled back to $13,926/mt before closing at $14,114.5/mt, up 0.64%. Trading volume reached 21,000 lots and open interest stood at 267,000 lots, down 6,845 lots from the previous trading day.

The SHFE copper price opened at 107,430 yuan/mt but declined to a low of 106,890 yuan/mt before closing at 107,200 yuan/mt, up 0.15%. Trading volume reached 27,000 lots and open interest stood at 175,000 lots, down 4,878 lots from the previous trading day.

Alkane Resources updated its mineral resources, showing gold reserves of 1.37 million oz and antimony of 15,000 mt across various deposits. The company's total ore resources stand at 579 million mt with a gold grade of 0.46 g/mt and copper 0.19%.

In the spot market, SMM #1 copper cathode spot prices against the SHFE copper 2609 contract were quoted at an average premium of 75 yuan/mt, up 85 yuan/mt from the previous trading day. The procurement sentiment for copper cathode in Shanghai stood at 2.75, down 0.86 MoM.

Copper prices are expected to drift higher today as domestic and imported copper cargoes edged up, with spot supply improving somewhat but remaining tight overall. Downstream users continued to make just-in-time procurement.