LME copper prices closed at $8,325/mt overnight, a drop of 0.04%. Trading volumes were 16,000 lots and open interest stood at 250,000 lots. The most active SHFE 2307 copper contract finished at 66,780 yuan/mt overnight, up 0.42%. Trading volume was 28,000 lots and open interest stood at 186,000 lots.
On the macro front, the Australian dollar jumped after the Reserve Bank of Australia unexpectedly raised interest rates, while the US dollar index fell after rising. The market is focusing on inflation data before the Fed meeting.
In terms of fundamentals, the tight supply of goods in east China has not been completely alleviated. Sellers were unwilling to adjust prices. Downstream buying interest weakened significantly and the overall trading was quiet. Spot quotes will remain high ahead of delivery. In south China, spot quotes fell due to higher SHFE copper prices and weaker consumption. It is expected that copper prices will fluctuate at the current level in the near term.
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