SHANGHAI, Aug 22 (SMM) –
LME copper prices closed at $8,288/mt on Monday, a rise of 0.14%. Trading volume was 12,000 lots and open interest stood at 277,000 lots. The most active SHFE 2309 copper contract prices closed at 68,350 yuan/mt overnight, a rise of 0.09%. The trading volume was 15,000 lots, and open interest stood at 142,000 lots. Macroscopically, the San Francisco Fed research report pointed out that the divergence among Fed officials on the direction of interest rates was widening, which exceeded the average level in the first two quarters of 2023. Markets remained cautious ahead of the Fed’s Jackson Hole annual meeting. SMM data showed that as of Monday, August 21, copper inventory across major Chinese markets stood at 72,900 mt, down 1,900 mt from last Friday. Last weekend, East China’s inventory was unchanged, while South China’s inventory fell due to outflows of warrants into the market. The imported copper flowing into the market released the supply tightness in East China. Most downstream buyers already purchased sufficient stocks when copper prices were low, so it’s difficult to see a sustained increase in consumption. The market is waiting for the US economic data and copper prices may remain volatile in the near future.
