The pullback in copper prices stimulates a recovery in dip-buying; the market awaits the US Fed meeting, and copper prices move sideways [SMM Copper Morning Meeting Notes]

SMM Morning Meeting Minutes: Overnight, LME copper opened at $13,613/mt, touched a low of $13,597.5/mt in early trading, then its center rose to touch a high of $13,700/mt, and finally the center fell to close at $13,644.5/mt, down 0.84%. Trading volume reached 14,000 lots, and open interest stood at 247,000 lots, a decrease of 758 lots from the previous trading day, indicating bulls reduced positions. Overnight, the most-traded SHFE copper 2609 contract opened at 104,560 yuan/mt, dipped to 104,460 yuan/mt shortly after opening, then copper prices’ center rose to touch a high of 105,120 yuan/mt near the end of the session, and finally closed at 104,940 yuan/mt, down 0.1%. Trading volume reached 26,000 lots, and open interest stood at 201,000 lots, a decrease of 23.48 million lots from the previous trading day, indicating bears reduced positions.

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