SHANGHAI, October 24(SMM) –
LME copper opened at $7903.5/mt overnight, with its session low and high at $7890/mt and $7995/mt before closing up 0.57% at $7985.5/mt. Trading volume was 20,000 lots, and open interest was 267,000 lots. SHFE 2312 copper contract opened at 65920 yuan/mt overnight, with its session low and high at 65820 yuan/mt and 66320 yuan/mt before closing up 0.5% at 66250 yuan/mt. Trading volume was 42,000 lots, and open interest was 155,000 lots. The US dollar index once fell to 105.51 before closing down 0.52% at 105.60. Market is waiting for upcoming US GDP data and inflation data. As of October 23, the copper inventory across China’s major trading markets decreased by 11,000 mt from last Friday to 84,300 mt. Despite continued inflows of imported copper, strong downstream demand and cargoes being moved to south China drove stocks in east China to fall sharply. Stocks in south China rose, but local downstream consumption was moderate. The price difference between copper cathode and copper scrap was small and demand for the former may remain strong. Copper prices are not expected to rebound in the short term.
