Overnight, LME copper opened at $8,759/mt, briefly rose at the beginning of the session, then fell to a low of $8,732.5/mt. It then fluctuated upwards, reaching a high of $8,823.5/mt near the end of the trading session, and finally closed at $8,809/mt, up 0.67%. Trading volume reached 22,000 lots, and open interest reached 289,000 lots. Overnight, the most-traded SHFE copper 2409 contract opened at 70,700 yuan/mt, touched a low of 70,700 yuan/mt after the opening, then fluctuated upwards. After a brief pullback during the session, it continued to rise, reaching a high of 71,460 yuan/mt near the end of the session, and finally closed at 71,100 yuan/mt, up 0.23%. Trading volume reached 57,000 lots, and open interest reached 171,000 lots.
Macro-wise, the number of initial jobless claims in the US last week fell more than expected, alleviating market concerns about an imminent recession in the US economy and restoring some market confidence. Fundamentals-wise, copper prices saw a significant drop. Together with the implementation of Document No. 783, which shifted some demand from copper rod made from copper scrap to copper cathode rod, consumption remained moderate. Additionally, according to SMM, as of Thursday, August 8, copper stocks in major regions across China tracked by SMM fell by 10,100 mt from Monday to 338,400 mt, marking the fourth consecutive week of weekly destocking.
Price-wise, with market confidence recovering, copper prices are expected to maintain a weak fluctuation.
