Copper Futures Prices Edged Down as Markets Focusing on US Debt Ceiling Negotiations

LME copper prices closed with a drop of 1.87% at $8,120/mt last evening. Trading volume stood at 19,000 lots. Open interest stood at 256,000 lots. SHFE 2306 prices fell slightly copper contract finished at 64,210 yuan/mt last evening, down 0.91%. Trading volume was 49,000 lots, and open interest stood at 178,000 lots.

On the macro front, the market is closely watching the debt ceiling negotiations to avoid a possible default. If the United States defaults, it may affect the entire asset market and damage confidence in the world's largest economy. In terms of fundamentals, delivered cargoes under warrants have not flowed into the market after the delivery of the SHFE May contract.

Sellers raised their quotes, but the downstream purchases missed expectations. The market needs to pay attention to the inflow of imported copper. End-user demand can hardly change significantly in the short term. With weak guidance from fundamentals, the market is concerned about US debt negotiations, weighing on copper prices.

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