SHANGHAI, Apr 14 - LME copper prices closed at $9,071/mt overnight, a rise of 1.24%. Trading volumes were 20,000 lots and open interest stood at 252,000 lots. SHFE 2305 copper contract finished at 70,000 yuan/mt last evening, up 1.23%. Trading volume was 44,000 lots, and open interest stood at 177,000 lots.
On the macro front, the U.S. dollar fell to a two-month low against a basket of currencies yesterday and a one-year low against the euro, as U.S. CPI data fell more than expected in March, boosting expectations that the Fed’s rate hike cycle is drawing to a close.
The market needs to pay attention to retail sales data released on Friday to judge consumer spending. In terms of fundamentals, due to the approaching delivery in the spot market and higher copper prices, downstream buying interest was weak. And the overall transaction was limited. In addition, the inflow of imported copper has decreased this week, and the impact on the spot market has weakened. At present, the guidance of the fundamentals for copper prices has weakened, the demand for end-user consumption is relatively weak.
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