Copper Prices Fell, Market Awaiting US Job Data

LME copper prices closed at $8,115/mt last evening, down 0.29%. Trading volume was 16,000 lots and open interest stood at 257,000 lots. The most active SHFE 2307 copper contract prices finished at 64,840 yuan/mt last evening, down 0.14%. Trading volume was 44,000 lots and open interest stood at 197,000 lots.

On the macro front, news of an emergency meeting of Japanese officials pushed the yen higher and the dollar retreated from its highs on Tuesday. In addition, the U.S. debt ceiling agreement was reached, which will restrict some spending. Market optimism took a toll on the dollar. The market is awaiting US job data due this Friday. Spot supply was tight and sellers raised their quotes in Shanghai. In south China, due to the large amounts of cargoes under warrants offered for sale and higher SHFE copper prices, sellers sold actively. Spot quotes fell and overall trades were quiet.

Some downstream enterprises mainly worked through raw material inventories against high spot quotes. It is expected that copper prices will remain relatively low in the short term.

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