MethodologyContact usLogin
The most-traded November copper contract on the SHFE traded at 50,350 yuan ($7,633) per tonne as of 03:10 BST, up 720 yuan from Friday’s close, with over 180,000 lots of the contract having changed hands so far.
Red metal prices have rallied this morning following the large drawdown in SHFE stocks seen last week.
SHFE copper stocks fell to 141,318 tonnes in the week ending September 22, down 25,429 tonnes or 15.3% on the previous week. It was also the fifth consecutive week that SHFE copper stocks have declined.
Meanwhile, London Metal Exchange copper stocks also fell on Friday, dropping a net 2,200 tonnes to 309,050 tonnes.
“Supported by a pick-up in procurement ahead of the National Day holiday in China, stocks have declined faster. Meanwhile, downstream demand for refined copper also has increased due to the restrictions [on production] amid ongoing environmental protection and quality inspections [in China],” Citic Futures Research said.
“However, market participants may be more cautious in their trading activities ahead of the upcoming holiday, which might bring downward pressure to copper prices,” it added.
Lead outperforms as stocks fall
Rest of complex stronger
Currency moves and data releases