LME copper prices opened at $8450.5/mt and closed at $8361.5/mt in overnight trading, a drop of 1.32%, with the low-end of $8351/mt and the high-end of $8450.5/mt. Trading volume was 22,000 lots, and open interest stood at 282,000 lots.
The most active SHFE 2310 copper contract prices opened at 69260 yuan/mt and closed at 69070 yuan/mt last evening, down 0.65%, with the high-end of 69360 yuan/mt and the low-end of 68950 yuan/mt. Trading volumes stood at 34,000 lots and open interest stood at 155,000 lots.
On the macro front, a series of better-than-expected data released on Wednesday showed that US consumer demand and the overall economy remain strong, but inflation may remain high for a long time. Boston Fed President Collins said there may be grounds for further tightening of policy. In terms of fundamentals, due to the inflow of imported copper into east China, the pressure on the domestic trade market increased. Yesterday, inventories snapped a growth for four consecutive days, but downstream purchasing was quiet, weakening the overall transaction. In terms of consumption, most of the market players stood on the sidelines. Copper prices are likely to fall further as the Fed reiterated the likelihood of raising interest rate.
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