LME copper prices opened at $8176/mt and closed at $8225/mt in overnight trading, a drop of 1.35%, with the low-end of $8071/mt and the high-end of $8225.5/mt. Trading volume was 39,000 lots, and open interest stood at 256,000 lots. The most active SHFE 2310 copper contract prices opened at 67500 yuan/mt and finished at 68040 yuan/mt last evening, down 0.96%, with the low-end of 67500 yuan/mt and the high-end of 68050 yuan/mt. Trading volume was 45,000 lots, and open interest stood at 111,000 lots.
The US initial jobless claims recorded 201,000 in the week ending September 16, a new low since the week ending January 28. The Bank of England kept interest rates unchanged on Thursday, choosing not to raise interest rates for the first time in nearly two years as it battles stubbornly high inflation.
In terms of fundamentals, as of yesterday, imported copper in East China has been gradually digested. Downstream purchasing enthusiasm began to recover. In south China, inventory has fallen for two consecutive days. The decline in copper prices has boosted downstream stocking sentiment, and market trading has improved. In terms of consumption, with the National Day holiday approaching and copper prices falling, demand is expected to increase slightly in the near term. In terms of price, it is expected that copper prices will continue to be under pressure from accumulating inventories at home and abroad in the near future.
