SMM Morning Meeting Summary: Overnight, LME copper opened at $13,489/mt, initially rising to $13,533.5/mt before the price center gradually shifted lower to $13,386/mt, ultimately closing at $13,427/mt, down 1.2%. Trading volume reached 20,000 lots, and open interest stood at 277,000 lots, a decrease of 6,463 lots from the previous trading day, indicating bulls reducing positions. Overnight, the most-traded SHFE copper 2606 contract opened at 104,130 yuan/mt, initially touching a high of 104,170 yuan/mt before the price center shifted lower to a low of 103,390 yuan/mt, ultimately moving sideways to close at 103,670 yuan/mt, down 0.82%. Trading volume reached 31,000 lots, and open interest stood at 143,000 lots, a decrease of 4,124 lots from the previous trading day, indicating bulls reducing positions.

May 19, 2026: The average warrant price fell $1/mt from the previous trading day, closing at $72/mt (price range $68-76/mt); the average B/L price fell $1/mt from the previous trading day, closing at $71/mt (price range $66-76/mt); the average EQ copper (CIF B/L) price fell $1/mt from the previous trading day, closing at $41/mt (price range $38-44/mt), with quotes referencing cargoes arriving in mid-to-late May and early June. Intraday pullback in the SHFE/LME price ratio limited demand, with market offers declining and transactions remaining sluggish. A small volume of ER copper B/L arriving in early May was heard at $80/mt, QP May; early June EQ B/L was offered at $55/mt; EQ B/L arriving in mid-May was quoted at $50/mt, QP May-June. ER copper warrants for delivery within this week were quoted at $80-85/mt, with no transactions heard so far, QP June.

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,477/mt, dipped to a low of $13,436/mt in early trading, then the price center gradually shifted upward to reach $13,625/mt, and finally moved sideways at high levels to close at $13,590/mt, up 0.34%, with trading volume at 24,000 lots and open interest at 283,000 lots, an increase of 2,099 lots from the previous trading day, indicating bulls adding positions. Overnight, the most-traded SHFE copper 2606 contract opened at 104,480 yuan/mt, touched a high of 104,840 yuan/mt in early trading, then the price center shifted slightly lower to a low of 104,440 yuan/mt, and finally moved sideways to close at 104,590 yuan/mt, up 0.28%, with trading volume at 30,000 lots and open interest at 154,000 lots, a decrease of 3,110 lots from the previous trading day, indicating bears reducing positions.

May 15, 2026: The average warrant price remained flat compared to the previous trading day, closing at $72/mt (price range $68-76/mt); the average B/L price remained flat compared to the previous trading day, closing at $71/mt (price range $67-75/mt); the average EQ copper (CIF B/L) price fell $3/mt compared to the previous trading day, closing at $40/mt (price range $36-44/mt), with quotes referencing cargoes arriving in mid-to-late May and early June. Intraday market transactions were scattered, with a small volume of registered copper offers remaining at high levels. Demand for EQ B/L was limited, and overall trading volume was thin. It was heard that a small volume of ER copper B/L arriving in early May was offered at $80/mt, QP May; early June EQ B/L was offered at $55/mt; EQ B/L arriving in mid-May was offered at $50/mt, QP May-June. Within this week, deliverable standard ER copper warrants were offered at $80-85/mt with no transactions heard so far, QP June.

SMM Morning Meeting Minutes: Overnight, LME copper opened at $14,043/mt, touched a high of $14,077/mt in early trading, then the copper price center gradually shifted lower to probe $13,917.5/mt, followed by wild swings before finally closing at $13,986/mt, down 0.7%, with trading volume at 22,000 lots and open interest at 277,000 lots, an increase of 2,465 lots from the previous trading day, indicating bears reducing positions. Overnight, the most-traded SHFE copper 2606 contract opened at 107,250 yuan/mt, immediately touched a high of 107,320 yuan/mt in early trading, then the copper price center quickly shifted lower to probe 106,690 yuan/mt, followed by a rise amid wild swings before finally closing at 107,024 yuan/mt, down 0.35%, with trading volume at 39,000 lots and open interest at 184,000 lots, a decrease of 4,131 lots from the previous trading day, indicating bulls reducing positions.

May 14, 2026: The average warrant price remained flat compared to the previous trading day, closed at $72/mt (price range $68-76/mt); the average B/L price remained flat compared to the previous trading day, closed at $71/mt (price range $67-75/mt); the average EQ copper (CIF B/L) price remained flat compared to the previous trading day, closed at $40/mt (price range $36-44/mt), with quotes referencing cargoes arriving in mid-to-late May and early June. Copper prices pulled back significantly during the day, with sellers holding back and observing, while buyers' purchase willingness was not well demonstrated. The market was still trading the LME-COMEX price spread. It was heard that a small volume of ER copper B/L arriving in early May was quoted at $80/mt, QP May; early June EQ B/L was offered at $55/mt; EQ B/L arriving in mid-May was quoted at $50/mt, QP May-June. General ER copper warrants for delivery within this week were quoted at $80-85/mt, with no transactions heard so far, QP June.