LME copper slightly rose as the market focused on the upcoming US CPI data this week [SMM Copper Morning Comment]

On Monday, SHFE was closed due to the Dragon Boat Festival holiday. LME copper opened at $9,831/mt, initially rose slightly, then fell back, hitting a low of $9,808/mt during the session. At the end of the trading session, it surged to a high of $9,913/mt and closed at $9,881/mt, with a gain of 0.11%. Trading volume was 56 lots, and open interest was 334,000 lots. On the macro front, US non-farm payrolls data far exceeded expectations, but the unemployment rate in May rose to a two-year high, causing the market to be skeptical about the new non-farm payrolls data and to focus more on the CPI data to be released this week. On the fundamentals side, after the copper price fell, the enthusiasm for procurement by downstream processing enterprises increased to some extent, but since the copper price remained high, a large part of the market was still in a wait-and-see state. Attention will be on whether the copper price can continue to fall. In terms of prices, it is expected that the copper price is unlikely to rise significantly.