On August 19, LME copper showed a straight-line decline after the close of SHFE copper. In early trading, copper prices consolidated around $13,960/mt. During the session, prices briefly climbed above $13,980/mt before quickly pulling back and falling below $13,900/mt, with the intraday low approaching $13,880/mt.
On the inventory front, on August 18, LME copper inventories rose to 235,975 mt, an increase of 12,425 mt from the previous trading day, including 17,000 mt of inflows and 4,575 mt of outflows. Meanwhile, cancelled copper warrants fell to 77,225 mt, a decrease of 18,650 mt from the previous day, and the ratio of cancelled warrants pulled back to 32.73%. The significant increase in LME copper inventories and the simultaneous decline in cancelled warrants indicated that deliverable supply on the exchange had increased somewhat, putting some pressure on high copper prices. Intraday, LME copper came under pressure near the $14,000/mt mark and pulled back quickly. In the near term, the market continues to focus on inventory changes and funding sentiment at elevated levels.
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