Copper Prices Fell As US Dollar Rose To 106

SHANGHAI, Sep 26 - On September 25 local time, European Central Bank President Lagarde said at a hearing of the Economic and Monetary Affairs Committee of the European Parliament that economic activities in the eurozone have generally stagnated in the first half of 2023, and recent indicators show that there will be further weakness in the third quarter.

Given that European inflation will remain at high levels for a long time, the European Central Bank will not take interest rate cuts in the short term." At the same time, due to hawkish remarks at the Federal Reserve's interest rate meeting, the euro fell further.

The U.S. dollar index rose to above 106 during the day. Copper futures came under pressure and fell further. LME copper briefly rose from around US$8,150/ton to US$8,185/ton in early trading, then fluctuated and fell. Entering the afternoon trading session, it gradually returned to around US$8,150/ton and tested US$8,120/ton at the end of the Asian trading session. During the European trading session, prices below $8,100/ton.

The most active SHFE copper contract prices briefly touched 67,700 yuan/ton in the morning session and closed at 67,190 yuan/ton, down 680 yuan/ton, or 1.00%, with a trading volume of 79,275 lots. Open interest was lots. Open interest of the 2310 contract reduced by 13,944 lots, while that of 2311 contract and the 2312 contract increased by 9,167 and 5,136 lots respectively.