SHANGHAI, Mar 27 (SMM) - LME copper prices closed at $8,945/mt in overnight trading, a decline of 0.49%. Trading volume was 20,000 lots and open interest stood at 246,000 lots. The most active SHFE 2305 copper contract finished at 69,080 yuan/mt overnight, down 0.06%. Trading volume was 53,000 lots, and open at 169,000 lots.
On the macro front, the euro and pound fell sharply, as the market is still worried about the banking crisis. European banking stocks tumbled, with banking giants Deutsche Bank and UBS crashing as the US dollar index rose on concerns that the worst problems for the sector since the 2008 financial crisis have yet to be contained.
On the fundamentals, as of Friday March 24, SMM copper inventories in major Chinese markets decreased 18,700 mt from last Monday to 200,000 mt, down 26,100 mt from two Fridays ago. This is up 3,400 mt from pre-CNY level. Downstream stockpiling volume was relatively limited, and the total inventories dropped due to the small arrival volume. It is expected that the enthusiasm for downstream procurement will be low at the month-end.
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