Latest Update in the SMM Copper Market

According to data from the General Administration of Customs, China imported a total of 3.008 million mt of copper cathode from January to October 2024, up 6.67% YoY.

According to the latest data from the NBS, China's copper semis production in October 2024 was 1.9664 million mt, down 2.3% MoM.

As of Thursday, November 21, SMM copper inventories in major regions across the country increased by 2,100 mt compared to Monday.

September manufacturing PMIs for France, Germany, and the Eurozone were all higher than expected, while the US ISM manufacturing PMI for September recorded 47.2, lower than the expected 47.5.

Overnight, LME copper opened at $9,118.5/mt, initially rising to $9,155/mt before fluctuating downward, hitting a low of $9,086/mt at the end of the session, and finally closing at $9,082/mt, a decline of 0.38%.

Overnight, LME copper opened at $9,118.5/mt, initially rising to $9,155/mt before fluctuating downward, hitting a low of $9,086/mt at the end of the session, and finally closing at $9,082/mt, a decline of 0.38%.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Nov 20, 2024

During the 2024 "Asia Copper Week" conference, the market is closely monitoring domestic copper cathode consumption in 2024.