LME copper prices closed at $8,441/mt last evening, up 1.85%. Trading volume was 24,000 lots and open interest stood at 252,000 lots. The most active SHFE 2307 copper contract finished at 67,900 yuan/mt overnight, up 1.33%. Trading volume was 46,000 lots and open interest stood at 189,000 lots.
On the macro front, after the data released last night showed that the increase in consumer prices in the US in May was lower than market expectations and slowed down, the market strengthened its bet that the Fed will keep interest rates unchanged, and the US index fell sharply. Sellers refrained from selling at lows ahead of the delivery.
The overall transaction in east China was limited. Some imported copper has flowed into the Guangdong market, and the inventory has increased slightly. With the rise of copper prices and weak end-user consumption, downstream buying interest was weak. High spot premiums also inhibited the downstream desire to purchase.
Copper futures prices rebounded due to greater expectations of the Fed slowing down interest rate hikes.
More popular news:
SMM Daily Comments (Jun 5): Base Metals Mostly Fell, Ferrous Metals Bucked the Trend to Surge, Oil Gained Further on Saudi Arabia Output Cuts in July
SMM Daily Comments (Jun 7): Base Metals Mostly Rose, Ferrous Metals Dropped, Oil down as Russia Dumps Cheap Oil
Global Manufacturing PMI Continued To Fall In May, Points To Downturn In Global Economy
SMM Indonesia Nickel and Cobalt Industry Chain Conference: Global Nickel & Cobalt Supply and Demand Prospect, Impact from NEV Development
Indonesia Will Launch Nickel Price Index Applied for Domestic Policies and Deter Export Duties on Nickel Products
Chilean Tax Hike Will Deter Copper and Lithium Mine Investment, Push Japanese Mining Companies to Other 24 Countries
Glencore to Aggressively Expand Copper Capacity
World Bank Raises Forecast for Global Economic Growth in 2023 with Significant Increase for China, Emphasises Dangers of A High-Interest Rate Environment, But Lowers Forecast for 2024
Commerzbank Lowers Price Forecast for Copper, Aluminium, Zinc and Nickel for 2023 and 2024
Rumours Say Glencore Will Raise Takeover Bid for Teck Resources, but Another Big Obstacle Lies Ahead
Commodity Price Bubble Finally Burst, but Metals Demand Will Surge