LME copper prices closed at $8,640/mt overnight, a rise of 1.56%. Trading volumes were 17,000 lots and open interest stood at 285,000 lots. The most active SHFE 2309 copper contract finished at 69,350 yuan/mt overnight, up 0.52%. Trading volume was 37,000 lots, and open interest stood at 184,000 lots.
The US factory orders spiked 2.3% in June, the largest increase since January 2021. The market remained cautious ahead of the release of the US non-farm payrolls data in July, and the US dollar index retreated.
In terms of fundamentals, spot premiums rose in east China on tight available cargoes. Inventories in south China declined. The overall trading picked up. Purchases will pick up after copper prices rise. Copper prices are expected to remain rangebound at high levels as the market is awaiting US job data.
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