Overnight LME Copper Edged Down, SHFE Copper Edged Up amid Escalating Middle East Tensions and Low Inventory Support [SMM Copper Morning Brief]

Source Summary

SMM Morning Meeting Summary: Last Friday night, LME copper opened at $13,413/mt, dipped to an early low of $13,382/mt, then the center of copper prices drifted higher, climbing to $13,533/mt near the close, and finally settled at $13,528/mt, down 0.11%. Trading volume reached 19,600 lots, and open interest stood at 245,000 lots, an increase of 3,041 lots from the previous trading day, indicating bearish position-building. Last Friday night, the most-traded SHFE copper 2609 contract opened at 103,100 yuan/mt, dipped to 103,000 yuan/mt early in the session, then drifted higher to hit a high of 103,990 yuan/mt near the close, finally closing at 103,880 yuan/mt, up 0.15%. Trading volume was 31,000 lots, and open interest was 184,000 lots, up 3,839 lots from the previous trading day, reflecting bullish position additions.