Crude Oil Prices Declined and Copper Prices Rose Slightly

Published: May 17, 2022 11:20

Source: SMM

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The overall INE bonded copper 2207 contract showed an upward trend overnight. After the opening, it fell to 63,050 yuan/mt, then immediately rose to 63,290 yuan/mt, and finally closed at 63,280 yuan/mt, up 500 yuan/mt, or 0.80%.

SHANGHAI, May 17 (SMM)- The overall INE bonded copper 2207 contract showed an upward trend overnight. After the opening, it fell to 63,050 yuan/mt, then immediately rose to 63,290 yuan/mt, and finally closed at 63,280 yuan/mt, up 500 yuan/mt, or 0.80%. Trading volume was 8,773 lots, and open interest increased by 341 lots to 13,472 lots. On the macro side, the market was worried that more aggressive monetary policies will hit economic growth as the 10-year US Treasury yield has fallen. In addition, the rebound of crude oil prices has also driven up copper prices to a certain extent. It is expected that copper prices will run at 63,300-63,600 yuan/ton today.

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