Market is waiting for more key data [SMM Copper Morning Comment]

LME copper prices opened at $8586/mt and closed at $8654/mt overnight, a rise of 1.00%, with the low-end of $8611.5/mt and the high-end of $8657.5/mt. Trading volume was 13,000 lots, and open interest stood at 287,000 lots. The most active SHFE 2405 copper contract prices opened at 69560 yuan/mt and finished at 69790 yuan/mt overnight, with the high-end of 69830 yuan/mt and the low-end of 69930 yuan/mt, up 0.33%. Trading volume was 23,000 lots, and open interest stood at 150,000 lots. On the macro front, the revised annualized quarterly rate of Japan's real GDP in the fourth quarter turned positive, and rumors of an interest rate hike by the Bank of Japan heated up, causing the US dollar to fall slightly. The rise in crude oil and gold prices also supported the overall copper price. The market awaited Chinese financial data and U.S. consumption price data. From the supply side, domestic inventories continue to rise, and the overall supply remains sufficient. In terms of consumption, as delivery is approaching, the market is generally optimistic, and some demand occurred in the beginning of the week. In terms of price, as current consumption has not yet recovered, domestic copper inventory is still in a state of accumulation, and it is expected that there will be pressure on copper prices. In addition, attention should also be paid to the February core CPI data of the United States released today, which will provide guidance for copper prices.