SHANGHAI, Mar 9 - LME copper closed at $8,859.5/mt overnight, up 1.45%. Trading volume was 20,000 lots and open interest stood at 252,000 lots. The most active SHFE 2304 copper contract finished at 69,610 yuan/mt overnight, up 0.96%. Trading volume was 43,000 lots and open interest stood at 144,000 lots.
On the macro front, Federal Reserve Chairman Powell expressed the possibility of a faster and higher rate hike path. Investors paid more attention to Friday's employment data, and the dollar remained stable. In terms of fundamentals, the SHFE/LME copper price ratio rallied yesterday, and the import loss narrowed to around 390 yuan/mt. However, there was no large influx of cargoes into the domestic trade market. The supply of low-priced goods in east China was still relatively tight. Affected by the drop in copper prices yesterday, the transactions were relatively active. In south China, the inventory has dropped significantly due to the recovery of consumption, and the overall trading improved.
In terms of consumption, there was aggressive buying on the dip as copper prices fluctuated at high levels. It is expected that demand will continue to show a slow recovery. The market is awaiting the US employment data. Under the background of China's continuous promotion of stable growth policies, copper prices rose slightly.
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