The US Fed kept interest rates unchanged, overnight copper prices moved sideways overall [SMM copper morning comment]

Published: Jul 30, 2026 09:02

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SMM July 30 news: Overnight, LME copper opened at $13,636/mt, touched a low of $13,567.5/mt in early trading, then its center shifted higher and hit a high of $13,633/mt. Afterwards, copper prices swung wildly and finally settled at $13,622/mt, down 0.16%. Trading volume was 13,000 lots, and open interest stood at 247,000 lots, a decrease of 325 lots from the previous trading day, reflecting long liquidation. Overnight, the most-traded SHFE copper 2609 contract opened at 104,560 yuan/mt, quickly touched a high of 104,710 yuan/mt, then its center shifted lower and, near the close, hit a low of 104,320 yuan/mt, finally settling at 104,520 yuan/mt, down 0.26%. Trading volume was 33,000 lots, and open interest was 195,000 lots, a decrease of 25.61 million lots from the previous trading day, reflecting long liquidation. On the macro front, the US Fed kept interest rates unchanged at its July meeting with a relatively neutral statement overall. Copper prices maintained a consolidation pattern, and afterward, market expectations for the Fed to raise rates this year were pared back. On the geopolitical front, Trump said he would strike Iran in response to the attack on US forces in the Middle East, reigniting the risk of Middle East conflict. On the fundamentals front, on the supply side, low-priced circulating cargoes were scarce and overall market supply was tight. On the demand side, downstream users made just-in-time procurement, while some traders also needed to replenish stocks at month-end. Overall, copper prices are expected to maintain a narrow range and drift higher today.

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