LME copper prices closed at $9,002.5/mt overnight, a rise of 0.53%. Trading volumes were 10,000 lots and open interest stood at 257,000 lots. The most active SHFE 2305 copper contract finished at 69,760 yuan/mt overnight, up 0.17%. Trading volume was 20,000 lots and open interest stood at 1624,000 lots.
On the macro side, China’s first-quarter GDP announced yesterday exceeded market expectations. Investors believed that China’s economic recovery was faster than expected, giving copper prices a boost. The U.S. dollar index fell as the Chinese economy recovered more than expected and strong UK wages data supported the pound.
In terms of fundamentals, since the import window has not opened, the increase in the inflows of imported copper is limited. Sellers raised prices, but spot quotes will meet resistance as cargoes under warrants will be offered for sale. Although the copper prices dipped this week, they are still fluctuating at a high level. Given that end consumer demand is not strong, downstream processing companies mostly purchased as required. Domestic economic data bolstered copper prices, but the upside room is expected to be limited.
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