SMM

LME copper opened at $9,085.5/mt overnight, initially dipping to a low of $9,034/mt before climbing to an intraday high of $9,154/mt. It then maintained a fluctuating trend and finally closed at $9,120.5/mt, up 1.38%, with a trading volume of 27,000 lots and an open interest of 271,000 lots. The most-traded SHFE copper 2501 contract opened at 74,490 yuan/mt overnight, initially dipping to a low of 74,310 yuan/mt before climbing to an intraday high of 75,150 yuan/mt. It then maintained a fluctuating trend and finally closed at 74,920 yuan/mt, up 1.16%, with a trading volume of 55,000 lots and an open interest of 165,000 lots. Macro side, more US Fed officials have shown openness to an interest rate cut in December. Although market concerns about domestic demand persist, the weakening US dollar has supported copper prices. Additionally, OPEC+ sources indicated that the latest round of production cuts might be extended until the end of Q1 next year during Thursday's meeting. Fundamentally, as year-end approaches, some downstream enterprises have slowed their procurement demand. The rise in copper prices has also suppressed consumption, while increased imports have led to an inventory buildup in east China. Overall, copper prices are expected to fluctuate at highs today.