LME copper prices closed at $8361/mt last evening, up 0.88%. Trading volume was 18,000 lots and open interest stood at 278,000 lots. SHFE 2309 copper contract prices closed at 69030 yuan/mt last evening, a gain of 0.71%. Trading volume was 18,000 lots, and open interest stood at 138,000 lots.
On the macro front, the minutes of the Fed's discount rate meeting showed that the boards of the New York Fed and the Atlanta Fed supported keeping the discount rate unchanged in July. In addition, the total number of existing home sales in the United States recorded an annualized 4.07 million in July, which was lower than the expected 4.15 million and was the lowest since January 2023.
In terms of fundamentals, due to the inflow of imported copper into the spot market in east China yesterday, the spot quotes fell. There will be additional inflows of imported copper. In south China, warrants began to be offered for sale due to previous high spot quotes, lowering spot quotes. The overall trading was not active. In terms of consumption, as the downstream expects that the spot quotes will continue to decline, more market players stood on the sideline. It is expected that the performance of consumer demand will be poor.
