LME copper prices opened at $8168.5/mt and closed at $8195/mt in overnight trading, a drop of 0.63%, with the low-end of $8131/mt and the high-end of $8199/mt. Trading volume was 18,000 lots, and open interest stood at 264,000 lots. The most active SHFE 2312 copper contract prices opened at 67190 yuan/mt and finished at 67440 yuan/mt overnight, up 0.25%, with the low-end of 67100 yuan/mt and the high-end of 67470 yuan/mt. Trading volume was 29,000 lots and open interest stood at 145,000 lots.
On the macro front, many senior Federal Reserve officials said that inflationary pressures still exist. Fed Governor Bowman believes that further interest rate increases are still expected. Dallas Fed President Logan also said that inflation is still too high, and the data looks to be heading towards 3% rather than 2%. In terms of fundamentals, spot premiums and discounts in East China continued to rise yesterday. Imported copper was limited, and spot resources were overall tight. Inventories in South China were still low. Although downstream purchasing enthusiasm was limited, sellers kept prices firm. In terms of consumption, in the face of high prices, more companies were mainly replenishing goods as required. Due to the fact that many officials from the Federal Reserve are still worried about inflation, the pressure on copper prices is still high.
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