LME copper prices opened at $7983/mt and closed flat at $7984.5/mt in overnight trading, with the low-end of $7953/mt and the high-end of $8015/mt. Trading volume was 16,000 lots, and open interest stood at 275,000 lots. The most active SHFE 2311 copper contract prices opened at 66560 yuan/mt and finished at 66310 yuan/mt last evening, up 0%, with the low-end of 66200 yuan/mt and the high-end of 66560 yuan/mt. Trading volume was 20,000 lots, and open interest stood at 158,000 lots.
On the macro front, Philadelphia Fed President Harker reiterated his remarks last Friday: Unless there is a turning point in the data, the Fed should keep interest rates stable. The US dollar index fell on Fed dovish tone. On the fundamentals, as of October 16, SMM copper inventory across major Chinese markets decreased by 3,200 mt from last Friday to 114,100 mt. There were not many imported copper arrivals in East China and there were many direct shipments to downstream customers. The arrivals of domestic copper were also relatively limited. In South China, due to the high enthusiasm of downstream replenishment, inventory dropped significantly. Given low copper prices, demand remained acceptable. Copper prices are expected to remain rangebound as the market is cautious.
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