LME copper prices closed at $7,990/mt last evening, up 1.25%. Trading volume was 18,000 lots and open interest stood at 259,000 lots. The most active SHFE 2307 copper contract finished at 63,660 yuan/mt overnight, up 0.63%. Trading volume was 74,000 lots and open interest stood at 213,000 lots. On the macro front, U.S. data released last night showed that the economy remains resilient even amid the Fed’s aggressive rate hike cycle, and the U.S. dollar index rose.
In addition, the optimism of the US debt ceiling negotiations began to emerge, and the risk appetite for assets has increased. Copper prices fell to a new low yesterday. Due to the impact of the expansion of the price spread between the SHFE front-month and SHFE next-month contracts, spot quotes were suppressed.
In addition, due to the continuous decline in copper prices, downstream processing companies were more cautious and purchased as required. With the cargoes under warrants being offered for sales and inflow of imported copper, spot supply tightness will ease. In terms of consumption, most market participants are pessimistic about the market outlook. Downstream companies will purchased as required.
Copper prices rebounded slightly, but the gains are unlikely to sustain.
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