SHANGHAI, Oct 9(SMM) – Due to the National Day holiday, the SHFE Copper market was closed. Last Friday night, LME copper opened at $7,985.5/mt, then dipped to $7,921/mt at the beginning of the session, before rising to $8,065/mt.
On the macro front, previous data showed that US employment growth was stronger than expected in September, with the number of employed people increasing by 336,000, better than the 170,000 of Dow Jones Forecast. There are concerns that the Fed may keep interest rates higher for longer if the labor market remains tight. In terms of fundamentals, as of last Saturday, October 7, SMM copper inventories in mainstream regions of China increased by 20,500 mt from September 28 to 93,600 mt, 10,900 mt higher than the 82,700 mt in the same period last year. Downstream purchasing was limited during the holidays, and many regions showed varying degrees of inventory accumulation. In terms of consumption, it is expected that there will be no significant increase in demand after the holiday. In terms of price, insufficient demand is expected to keep copper prices at a relatively low level.
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