LME copper prices opened at $8020/mt and closed at $8010.5/mt in overnight trading, a drop of 0.39%, with the low-end of $7955/mt and the high-end of $8024/mt. Trading volume was 16,000 lots, and open interest stood at 269,000 lots. The most active SHFE 2311 copper contract prices opened at 66560 yuan/mt and finished at 66730 yuan/mt last evening, up 0.36%, with the low-end of 66410 yuan/mt and the high-end of 66760 yuan/mt. Trading volume was 18,000 lots, and open interest stood at 130,000 lots.
On the macro front, Fed Chairman Powell cited unexpected economic growth and rising marginal yields as potential reasons for continued tightening. He also said that the current policy is not too tight and will act with caution. The speech brought the probability of a rate hike in November to 1% in interest rate futures pricing. In terms of fundamentals, premiums and discounts in East China unexpectedly fell yesterday, mainly due to the arrivals of some traders' imported goods, which lowered prices due to strong demand for cash. Inventories in South China have dropped again, and sellers raised prices. Premiums and discounts have risen sharply, so that cargoes were transferred to other places. Demand is still resilient. Upside room for copper prices will be limited amid high US dollar index and unstable market sentiment.
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