SHANGHAI, Mar 23 (SMM) - LME copper opened at $8,841.5/mt on Wednesday and dipped to $8,823/mt, but then jumped to $8,983/mt before closing up 1.56% at $8,928.5/mt. Trading volume was 17,000 lots and open interest stood at 269,000 lots.
SHFE 2305 copper contract opened at 68,530 yuan/mt overnight, with its session low and high at 68,250 yuan/mt and 68,750 yuan/mt before closing up 0.78% at 68,580 yuan/mt. Trading volume was 47,000 lots and open interest stood at 159,000 lots.
On the macro front, the Federal Reserve raised its key interest rate by 25 basis points as expected and hinted that there will be only one more interest rate hike later this year. The US dollar index fell overnight, which lifted copper prices. In terms of fundamentals, copper prices rebounded yesterday, and downstream companies mostly restocked as needed, while traders bought goods at lower prices for delivery of long-term orders. Goods under warrants have been continuously flowing into the market recently, which has had a certain impact on spot premiums. On the whole, the rebound in copper prices has reduced the purchasing desire of some enterprises. Following the US interest rate hike and with fading impact from the banking crisis, movement of copper prices will be dominated by fundamentals. And it is expected that copper prices will still have room to rise.
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