Overnight, LME copper opened at $9,560/mt, initially fluctuating upwards to a high of $9,610/mt, then declining throughout the session, hitting a low of $9,496/mt near the end of trading, and finally closing at $9,514/mt. Trading volume reached 16,000 lots, and open interest was 326,000 lots. Overnight, the most-traded SHFE copper 2408 contract opened at 78,080 yuan/mt, initially reaching a high of 78,340 yuan/mt, then fluctuating downwards, hitting a low of 77,630 yuan/mt near the end of trading, and finally rebounding slightly to close at 77,910 yuan/mt. Trading volume reached 59,000 lots, and open interest was 179,000 lots.
On the macro front, the final annualized quarterly rate of the US core PCE price index for Q1 recorded 3.7%, higher than the previous value and market expectations of 3.6%. However, the final quarterly rate of actual personal consumption expenditures for Q1 was significantly revised down to 1.5%, lower than the previous value and market expectations of 2%. The US dollar index fluctuated, impacting copper prices.
On the fundamentals side, current demand remains weak. After two weeks of destocking, inventories have increased again. As of this Thursday, copper inventories in major regions nationwide increased by 12,500 mt from Monday to 399,100 mt. In terms of prices, under the fundamentals of high inventory and weak demand, copper prices face significant upward pressure.
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