LME copper prices opened at $8182.5/mt and closed at $8106/mt in overnight trading, a drop of 1.09%, with the low-end of $8101/mt and the high-end of $8192.5/mt. Trading volume was 17,000 lots, and open interest stood at 263,000 lots. The most active SHFE 2312 copper contract prices opened at 67400 yuan/mt and closed at 67110 yuan/mt last evening, down 0.33%, with the high-end of 67550 yuan/mt and the low-end of 67050 yuan/mt. Trading volumes stood at 22,000 lots and open interest stood at 145,000 lots.
On the macro front, Fed Chairman Powell urged Fed economists to be flexible in their forecasting methods and did not comment on monetary policy or the economic outlook in his speech. In Europe, Bank of England Governor Bailey said it was too early to discuss interest rate cuts. The next inflation number is expected to be considerably lower. In terms of fundamentals, premiums and discounts in East China surged again yesterday. The inflow of imported copper was limited, which did not ease the tightness of spot resources. Sellers raised prices; inventories in South China were still at low levels. Although downstream purchasing enthusiasm was not strong, supported by low inventories, spot quotes were still at high levels. In terms of price, the chairman of the Federal Reserve did not comment on subsequent monetary policy, and market concerns dragged down copper prices.
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