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Morning Comment For SHFE Base Metals December 5
LME copper prices opened at $8497/mt and closed at $8427/mt in overnight trading, a drop of 2.3%, with the low-end of $8427/mt and the high-end of $8515/mt. Trading volume was 26,000 lots, and open interest stood at 279,000 lots. The most active SHFE 2401 copper contract prices opened at 68380 yuan/mt and closed at 68190 yuan/mt last evening, down 0.9%, with the high-end of 68560 yuan/mt and the low-end of 68070 yuan/mt. Trading volumes stood at 34,000 lots and open interest stood at 167,000 lots. On the macro front, U.S. factory orders fell by 3.6% on a monthly basis in October, which was larger than the expected ... (full story)