LME copper prices opened at $7914/mt and closed at $7961/mt in overnight trading, a drop of 0.29%, with the low-end of $7891.5/mt. Trading volume was 21,000 lots, and open interest stood at 271,000 lots. The most active SHFE 2311 copper contract prices opened at 65800 yuan/mt and closed at 66410 yuan/mt last evening, up 0.36%, with the high-end of 66450 yuan/mt and the low-end of 65800 yuan/mt. Trading volumes stood at 24,000 lots and open interest stood at 151,000 lots.
On the macro front, retail sales in the US increased by 0.7% in September, higher than expected 0.3%. This shows that U.S. consumption is still hot, and the market is betting on the probability of raising interest rates in December. The higher-than-expected inflation and consumption data may make the problems facing the Federal Reserve more difficult. In terms of fundamentals, spot transactions in East China were quiet yesterday, and downstream purchases were made at lower prices. We are concerned about whether the supply of imported goods will be reduced due to import losses in the future, thus affecting the overall supply. There is not much supply of goods available for circulation in South China after the delivery, and cargo holders have a strong sentiment to raise prices. The premiums and discounts in South China remained high yesterday. Demand currently remains relatively stable. The copper prices will remain at low levels constrained by the US dollar.
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