U.S. bond yields fell, overnight copper prices upward.

The overnight copper market opened at 8507 U.S. dollars per ton. It initially dipped below 8507 U.S. dollars per ton before climbing steadily throughout the day, eventually reaching a high of over 8590 U.S. dollars per ton. The market closed at 8578 U.S. dollars per ton, with a turnover of 16,000 and warehouse volume reaching 281,000, or 0.57%.

Meanwhile, the overnight Shanghai copper main 2403 contract opened at 68900 yuan per ton and experienced some fluctuations before closing at 69170 yuan per ton. Turnover for this contract was 17,000 hands with positions reaching 151,000 hands, or 0.29%. On the macro front, U.S. bond yields dipped following the U.S. Treasury's announcement of a reduced estimate of net borrowing from January to March. In terms of supply, imported copper is expected to arrive this week, potentially increasing supply in a market with weak demand.

Additionally, SMM's latest data indicates an increase in national mainstream area copper inventory, further illustrating the potential for looser supply. From a consumption perspective, the upcoming holiday season is likely to lead to decreased consumption, putting pressure on copper prices. Under these circumstances, it is anticipated that copper prices will have limited room for further increase.

For more information, please contact raezhang@smm.cn.