LME copper prices closed at $8,409/mt overnight, a gain of 0.32%. Trading volume was 19,000 lots and open interest stood at 285,000 lots. The most active SHFE 2309 copper contract prices finished at 68,390 yuan/mt overnight, up 0.29%. Trading volume was 30,000 lots, and open interest stood at 169,000 lots. Domestic consumer prices dipped 0.3% year-on-year in July, but up 0.2% from June. The ex-factory prices of industrial producers fell 4.4% year-on-year and 0.2% month-on-month.
Overseas, markets awaited Thursday's U.S. consumer price report for signs of the Fed's monetary policy direction.
In terms of fundamentals, supplies in east China were ample due to the continuous inflow of imported copper, limiting gains in spot quotes. In south China, available cargoes were scarce due to deliveries. Spot quotes rose noticeably and market activity increased.
Copper prices are expected to remain rangebound at high levels as the market is awaiting US economic data.
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