Copper prices rose, eyes on speeches of Federal Reserve officials tonight [SMM Copper Morning Comment]

SHANGHAI, May 13 (SMM) - LME copper prices opened at $10049.5/mt and closed at $10040/mt in last Friday evening trading, a gain of 0.9%, with the low-end of $9976.5/mt and the high-end of $10079/mt. Trading volume was 34,000 lots, and open interest stood at 339,000 lots. The most active SHFE 2407 copper contract prices opened at 80870 yuan/mt and closed at 80720 yuan/mt last Friday evening, up 0.37%, with the high-end of 80980 yuan/mt and the low-end of 80490 yuan/mt. Trading volumes stood at 34,000 lots and open interest stood at 181,000 lots. Data released by the National Bureau of Statistics showed that China’s CPI rose by 0.3% year-on-year in April and increased by 0.1% month-on-month. In the first four months of the year, China added 12.73 trillion yuan in social financing and 10.19 trillion yuan in new RMB loans. In terms of fundamentals, from the supply side, delivery approaches and the amount of domestic copper shipped to warehouses increases. The inflow of imported copper into the spot market is limited. In terms of consumption, copper prices fluctuated at high levels, and the speed at which processing companies placed orders slowed down. Copper prices will remain relatively strong on positive macroeconomic sentiment.