LME copper prices opened at $8034/mt and closed at $7988/mt in overnight trading, a gain of 0.04%, with the low-end of $7972/mt and the high-end of $8034/mt. Trading volume was 15,000 lots, and open interest stood at 270,000 lots. The most active SHFE 2312 copper contract prices opened at 66680 yuan/mt and closed at 66460 yuan/mt last evening, a drop of 0.26%, with the high-end of 66680 yuan/mt and the low-end of 66440 yuan/mt. Trading volume was 25,000 lots, and open interest stood at 154,000 lots.
On the macro front, the initial annualized quarterly rate of real GDP in the United States in the third quarter was 4.9%, a new high since the fourth quarter of 2021. Yellen said higher yields were a sign of a strong economy. Traders generally believe the Fed will keep interest rates on hold for the rest of the year. In addition, the European Central Bank kept its three major interest rates unchanged, in line with market expectations, and reinvestment will continue until at least the end of next year. Lagarde said that the suspension of interest rate increases does not mean that interest rates will not be raised in the future. In terms of fundamentals, the spot market transactions in East China were relatively active yesterday. The lower copper prices did not cause fear of downstream buyers. Spot premiums and discounts increased. Yesterday's spot market transactions in South China were lukewarm. Both inventories and copper prices fell, but that failed to improve the enthusiasm for downstream purchasing. In terms of consumption, if copper prices remain low, it is expected that the demand can be resilient. In terms of price, it is expected that copper prices will continue to be under pressure from the US dollar.
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