LME copper prices opened at $8340/mt overnight before reaching a low of $8326/mt and a high of $8454/mt, and closed at $8447.5/mt, a rise of 1.67%. Trading volumes were 27,000 lots and open interest stood at 261,000 lots. The most active SHFE 2312 copper contract prices opened at 68010 yuan/mt and finished at 68460 yuan/mt overnight, up 0.82%, with the low-end of 67880 yuan/mt and the high-end of 68460 yuan/mt. Trading volume was 26,000 lots and open interest stood at 125,000 lots.
On the macro front, Federal Reserve Vice Chairman Barr said that the Federal Reserve may be close to or reaching the peak interest rate. The US dollar fell, which was bullish for copper prices. In addition, SWIFT data shows that the yuan achieved a record increase in global payment share in September, with its share rising from 3.9% at the beginning of the year to 5.8%, surpassing the euro's share for the first time. On Fundamentals, as of Monday November 20, SMM copper inventories across major Chinese markets stood at 55,300 mt, up 5,500 mt from last Friday and 66,400 mt lower than the same period last year. The arrivals of imported copper in East China has increased and the spot premiums are high, thus the downstream delivery-taking has slowed down, causing the inventory to increase; in South China, due to the increase in shipments last weekend, and as some downstream companies have reduced production due to high prices, inventories have also seen an increase. In terms of consumption, downstream demand declined due to high spot premiums. In terms of price, the continued decline of the US dollar has helped copper prices rebound, but the space is limited.
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