LME copper closed at $8,110/mt in overnight trading, a drop of 0.06%. Trading volume was 15,000 lots and open interest stood at 257,000 lots. The most active SHFE 2307 copper contract finished at 64,850 yuan/mt overnight, down 0.06%. Trading volume was 41,000 lots and open interest stood at 193,000 lots.
On the macro front, an official of the Federal Reserve recently warned that any decision made by the Federal Reserve to maintain the overnight benchmark interest rate unchanged at the upcoming meeting does not mean that the tightening of monetary policy has been completed.
This narrowed the gains in the dollar. In addition, a procedural vote on a bill to suspend the US debt ceiling has received enough votes in the House of Representatives to pass. In terms of fundamentals, the spot quotes fell yesterday due to the inflows of imported copper and aggressive stock liquidation.
However, downstream companies were more cautious in purchasing, and some companies worked through inventory due to high premiums. The overall transaction in the spot market has weakened. In terms of consumption, market demand weakened at the end of the month, and it is expected that market activity will recover in June. In terms of price, the guidance from the recent macro and fundamental is not strong, and copper prices are expected to remain rangebound.
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