SHANGHAI, Feb 8 (SMM) - LME copper closed at $8,906.5/mt in overnight trading, a gain of 0.08%. Trading volume was 15,000 lots and open interest stood at 254,000 lots. The most active SHFE 2303 copper contract finished at 68,190 yuan/mt overnight, up 0.22%. Trading volume was 31,000 lots, and open at 159,000 lots.
On the macro front, Federal Reserve Chairman Powell reiterated last week's statement that inflation has begun to slow, saying he expects inflation to fall sharply this year, and the dollar's rally has stalled, which buoyed copper prices.
In terms of fundamentals, Guangdong's inventory has ended 14 consecutive weeks of increases, but it is still at a high level. The decline in copper prices has increased downstream buying interest, and after the Lantern Festival, companies have stepped up inventory replenishment. The market activity is significantly greater than before. In terms of consumption, market demand is gradually improving. Due to the influence of macro and fundamentals, it is expected that copper prices will remain rangebound in the near future.
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