LME copper prices opened at $8520.5/mt and closed at $8491.5/mt last Friday evening, a rise of 0.65%, with the high-end of $8599/mt and the low-end of $8479/mt. Trading volume was 22,000 lots and open interest stood at 275,000 lots. The most active SHFE 2310 copper contract prices opened at 70150 yuan/mt and closed at 69570 yuan/mt last Friday evening, up 0.14%, with the high-end of 70150 yuan/mt and the low-end of 69540 yuan/mt. Trading volumes stood at 44,000 lots and open interest stood at 162,000 lots.
According to data released by the US Department of Labour last Friday, the US initial jobless claims stood at 187,000 in August, lower than market expectations. The unemployment rate surged to 3.8% in August, up from 3.5% in July.
As of Friday September 1, SMM data showed that copper inventory across major Chinese markets stood at 88,600 mt, up 11,200 mt from last Monday and 14,400 mt from two Fridays ago. Inventories rebounded from a low level. The increase in inventory in east China was mainly due to a large increase in imported copper, while in Guangdong, inventory increased slightly due to more shipments from smelters in Guangdong at the end of August. In terms of consumption, downstream funds are relatively abundant at the beginning of the month, and demand will increase accordingly. However, attention needs to be paid to whether copper prices will continue to rise and suppress consumption. Copper prices are expected to remain high with the support of macro sentiment.
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