SMM

LME copper opened at $8,975.5/mt overnight, initially dipping to $8,963.5/mt before rebounding and peaking at $9,015/mt near the close, ultimately settling at $8,987/mt, down 0.34%. Trading volume reached 12,000 lots, and open interest stood at 271,000 lots. The most-traded SHFE copper 2501 contract opened at 73,670 yuan/mt, fluctuated widely at the beginning, dipping to 73,510 yuan/mt mid-session, then climbed to 73,800 yuan/mt near the close, and finally settled at 73,730 yuan/mt, down 0.16%. Trading volume reached 27,000 lots, and open interest stood at 159,000 lots. Macro side, US President Joe Biden expressed hope that Trump would reconsider plans to impose tariffs on Mexico and Canada, stating that it could "damage relations with close allies." Market sentiment was relatively positive, with the US dollar edging higher, which was bearish for copper prices. Fundamentally, the market is currently dominated by imported copper, with limited domestic supply. Suppliers are standing firm on quotes and reluctant to sell, leading to a cooling in overall trading atmosphere. According to SMM data, as of Thursday, November 28, SMM copper inventories in major regions across China increased by 4,600 mt compared to Monday, reaching 137,500 mt, but decreased by 23,800 mt compared to last Thursday, marking the sixth consecutive week of destocking despite an intra-week inventory rise. Looking ahead to next week, with smelter maintenance ending and continuous arrivals of imported copper, spot supply of copper cathode is expected to increase. Attention will be on whether destocking can continue next week. Price-wise, the macro environment has been relatively quiet recently, with market focus on the upcoming release of China's official manufacturing PMI data for November on Saturday. Copper prices are expected to remain volatile at low levels today.