LME copper prices opened at $8090/mt and closed at $8117.5/mt in overnight trading, a gain of 0.14%, with the low-end of $8090/mt and the high-end of $8165.5/mt. Trading volume was 17,000 lots, and open interest stood at 262,000 lots. The most active SHFE 2312 copper contract prices opened at 67140 yuan/mt and finished at 67310 yuan/mt overnight, up 0.21%, with the low-end of 67150 yuan/mt and the high-end of 67450 yuan/mt. Trading volume was 23,000 lots and open interest stood at 144,000 lots.
On the macro front, the continued jobless claims in the United States rose for the seventh consecutive week to 1.83 million, the highest level since mid-April, further proving that the labor market is cooling. But Powell was hawkish in his speech, saying the Fed would not hesitate to further tighten monetary policy if appropriate. After Powell's speech, traders in U.S. short-term interest rate futures postponed expectations for the Fed's first interest rate cut from May to June next year. In terms of fundamentals, spot resources in East China continue to be tight. Premiums and discounts continued to rise yesterday and this situation is expected to ease next week; inventories in South China continue to decline. A wider price spread between the SHFE front-month and next-month copper contracts, together with high spot quotes, muted spot trading. In terms of prices, the Federal Reserve’s hawkish speak still weighs on copper prices.
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