The weakening US dollar is providing support to metal prices, bringing some improvement to the demand outlook for base metals. In the past week, London copper displayed strength and recorded a significant gain, with the latest closing price at $8,091 per ton, up $103, representing a 1.29% increase. Trading volume reached 19,502 lots, an increase of 4,587 lots, while open interest decreased by 353 lots to 269,881 lots. On Friday night, Shanghai copper displayed strong performance, with the latest closing price for the main 2312 contract at 67,210 yuan per ton, up 590 yuan, marking an 0.89% increase.
As of October 27th, the latest inventory for London copper on the London Metal Exchange (LME) stood at 180,600 metric tons, a decrease of 2,300 metric tons from the previous trading day, reflecting a 1.26% decline.
In early trading today, Shanghai copper started high, with the main 2312 contract opening at 67,190 yuan per ton, up 570 yuan. The positive outlook for the Chinese economy and bullish signals are boosting copper prices, which are showing a strong upward trend. This, along with the attraction of short-term funds entering the market for long positions, is helping to boost market confidence. Copper futures have successfully held onto a key support area, supporting market sentiment. Additionally, both domestic and international copper inventories are decreasing, particularly at the Shanghai Futures Exchange, where there has been significant destocking, providing support to copper prices. The combination of tight spot supply and rising premiums is also offering some support to copper prices, and it is expected that copper prices will rise today.