LME copper closed at $9,137/mt in overnight trading, a drop of 0.46%. Trading volume was 16,000 lots and open interest stood at 247,000 lots. The most active SHFE 2304 copper contract finished at 70,190 yuan/mt overnight, down 0.41%. Trading volume was 24,000 lots, and open interest stood at 162,000 lots. On the macro front, the Federal Reserve released the minutes of the meeting, saying that the United States will raise interest rates in a slow and continuous manner to curb high inflation.
In terms of fundamentals, the import loss has expanded to 1,000 yuan/mt, creating export opportunities for smelters, and some smelters have planned to export copper in March. In addition, the copper price has risen to above 70,000 yuan/mt in recent days, and smelters were reluctant to sell at large discounts. Traders and downstream buyers also lacked buying interest for high-priced copper. The advantage of the price spread prompted more downstream buyers to purchase copper scrap over copper cathode, muting trading of copper cathode market.
Due to the impact of macroeconomics, copper prices are expected to run at a high level.
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