LME copper prices opened at $9902/mt and closed at $9900/mt last evening, up 1.12%, with the highest of $9958/mt and the lowest of $9736/mt. Trading volume was 28,000 lots, and open interest stood at 332,000 lots. The most active SHFE 2406 copper contract prices opened at 80660 yuan/mt and closed at 79810 yuan/mt last evening, up 0.62%, with the high-end of 80780 yuan/mt. Trading volumes stood at 89,000 lots and open interest stood at 198,000 lots.
In terms of macro, the annualized quarterly rate of US GDP in the first quarter was significantly lower than expected. For the first time, traders postponed expectations of the Fed's first interest rate cut to December. Goolsbee said that a series of inflation data were higher than expected and the Fed must readjust its policies. At the same time, with copper prices at a high level and concerns about supply shortages intensifying, news came out that BHP was planning to acquire Anglo American. Market concerns may trigger a scramble for mining assets, and copper prices surged again with financial support. In terms of fundamentals, from the supply side, although smelters maintenance and increased exports have affected arrivals, the recent influx of imported non-standard copper has increased, and supply is still relatively sufficient. In terms of consumption, as the Labour Day holiday approaches, there is a certain demand for restocking in the downstream, which has led to a slight rebound in consumption. As of April 25, SMM copper inventory across major Chinese markets stood at 404,700 mt, up 1,000 mt from Monday and 1,200 mt from last Thursday. The President of Chile and Aurubis, Europe's largest refined copper producer, have recently expressed plans to expand production, which may ease supply concerns. In addition, the Shanghai Futures Exchange issued a notice on making arrangements for risk prevention related to the Labour Day holiday. It is expected that copper prices may fall today.
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