LME copper prices closed at $8,528.5/mt last evening, down 2.46%. Trading volume was 38,000 lots and open interest stood at 253,000 lots. SHFE 2306 copper contract prices fell slightly copper contract finished at 66,860 yuan/mt last evening, down 1.92%. Trading volume was 87,000 lots, and open interest stood at 180,000 lots.
On the macro front, as market risk aversion occurred amid renewed concerns about the banking industry and the global economic outlook, the euro fell and the US dollar index rose, weighing on copper prices. In terms of fundamentals, as the import losses narrowed to around 100 yuan/mt, the market are concerned about the inflow of imported copper. However, as the end of the month approached, some traders will make delivery for long-term orders and trades under small orders will decreased. Spot quotes did not fall sharply.
Downstream demand may increase in the near future due to lower SHFE copper prices and the approach of Labour Day holidays.
Domestic demand is still tepid, and the market is worried about the US economy. Copper prices are under pressure. The market is waiting for a series of US economic data to be released later this week, which may affect the Fed's interest rate hike stance and will guide copper prices.
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