SHANGHAI, Mar 10 - LME copper prices closed at $8,832/mt in overnight trading, a decline of 0.31%. Trading volume was 9,000 lots and open interest stood at 247,000 lots. SHFE 2304 copper contract finished at 69,350 yuan/mt overnight, up 0.07%. Trading volume was 23,000 lots, and open interest stood at 143,000 lots. On the macro front, the data showed that the number of US initial jobless claims last week rose more than expected. The market expects that the weakness in the labour market may reduce the possibility of the Federal Reserve accelerating the pace of interest rate hikes. The U.S. index fell overnight.
In terms of fundamentals, downstream stockpiling in east China continued to improve, and the supply of available cargoes was relatively tight as the delivery of the SHFE front-month copper contract nears. The market expected spot premiums to remain after the delivery. The inventory in south China has dropped for three consecutive days, mainly due to the decrease in arrivals and the increase in outbound shipments. Under the influence of high copper prices, the enthusiasm of downstream and traders to replenish goods was subdued.
In terms of consumption, orders were more sensitive to prices. At present, copper prices are fluctuating at high levels, and consumption will continue to show a slow recovery. Affected by the economic data of the Federal Reserve, copper prices fluctuated in a narrow range, and copper prices are expected to continue to rise slightly.
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