SMM

LME copper opened at $9,734.5/mt overnight, surged initially, then fell back to $9,715/mt, climbed again to $9,782/mt, fluctuated downward towards the end, and finally closed at $9,733/mt, up 0.59%. Trading volume reached 20,000 lots, and open interest reached 275,000 lots. The most-traded SHFE copper 2412 contract opened lower at 77,600 yuan/mt, surged initially, then fluctuated widely, reaching a high of 78,170 yuan/mt during the session, and finally closed at 77,840 yuan/mt, up 0.52%. Trading volume reached 39,000 lots, and open interest reached 170,000 lots. Macro side, the US election officially began. The stock price of Trump Media & Technology Group experienced significant volatility, triggering multiple circuit breakers. Edison Research released exit polls for seven swing states and nationwide. Two swing states showed Trump with a higher approval rating than Harris, four showed Harris with a higher approval rating than Trump, and one showed a tie. Nationwide exit polls showed Harris with a higher approval rating than Trump. The US dollar index hit a recent low, while crude oil prices rose, driving copper prices up. Fundamentally, the influx of imported copper significantly dragged down premiums, while rising copper prices weakened downstream purchasing sentiment. Buyers and sellers lacked confidence in the market outlook. Overall, the two-day US Fed meeting began, the US dollar index opened higher, and copper prices are expected to be under pressure today.