SHANGHAI, Aug 7 (SMM) - LME copper closed at $8,548.5/mt last Friday evening, a drop of 1.05%. Trading volume was 17,000 lots and open interest stood at 286,000 lots.
The most active SHFE 2309 copper contract finished at 69,070 yuan/mt overnight, down 0.23%. Trading volume was 39,000 lots, and open interest stood at 182,000 lots.
On the macro front, data released last Friday showed U.S. job growth slowed in July, boosting hopes of a soft landing for the economy, but rising wages suggest the Fed may need to keep interest rates high for longer. In terms of fundamentals, as of last Friday August 4, copper stocks in mainstream SMM regions across the country decreased by 10,300 mt to 89,300 mt from the previous Monday, a decrease of 9,900 mt from two Fridays ago.
In terms of prices, affected by macro sentiment, it is expected that copper prices will remain high and range-bound in the near future.
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