Copper Prices Edged Higher on Falling US Higher

LME copper closed with a gain of 0.68% at $8,989/mt overnight. Trading volume stood at 21,000 lots. Open interest stood at 244,000 lots. The most active SHFE 2305 copper contract finished at 69,120 yuan/mt overnight, up 0.91%. Trading volume was 48,000 lots and open interest stood at 166,000 lots.

On the macro front, the Federal Reserve is close to stopping interest rate hikes, while the Swiss National Bank and the Bank of England have pushed forward interest rate hikes. The US dollar index fell overnight, bolstering copper prices. In terms of fundamentals, the import loss of imported copper has expanded again recently, thus the inflow of imported copper has decreased. This eased concerns of some sellers. Copper prices rebounded yesterday, and the purchasing interest of downstream enterprises weakened. Trading was mainly made by traders.

In terms of consumption, the market still adjusts the purchase volume appropriately according to the fluctuation of copper price.