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Morning Comment For SHFE Base Metals December 15
LME copper prices opened at $8540/mt overnight before reaching a low of $8511/mt and a high of $8588/mt, and closed at $8531/mt, a rise of 2.3%. Trading volumes were 31,000 lots and open interest stood at 286,000 lots. The most active SHFE 2401 copper contract prices opened at 68800 yuan/mt and finished at 68670 yuan/mt last evening, up 0.94%, with the low-end of 68580 yuan/mt and the high-end of 68870 yuan/mt. Trading volume was 36,000 lots open interest stood at 148,000 lots. On the macro front, as the European and British central banks countered market expectations of interest rate cuts, in sharp contrast to the ... (full story)