LME copper opened at $10,879/mt overnight, initially rising to a high of $10,982/mt before fluctuating downward. Approaching the end of the trading session, it touched a low of $10,787.5/mt and finally closed at $10,822/mt. Trading volume reached 27,000 lots, and open interest reached 342,000 lots, with a decline of 1.25%. The most active SHFE copper contract opened at 87,680 yuan/mt, initially reaching a high of 87,950 yuan/mt before fluctuating downward. Approaching the end of the trading session, it touched a low of 86,170 yuan/mt and finally closed at 86,550 yuan/mt. Trading volume reached 105,000 lots, and open interest reached 221,000 lots, with a decline of 0.69%.
On the macro front, several US Fed officials made hawkish remarks, causing the US dollar index to fluctuate at high levels, which exerted pressure on copper prices. European Central Bank President Lagarde indicated a high likelihood of a rate cut by the ECB in June. Additionally, the SHFE adjusted the margin requirements and price limits for gold and other futures, affecting market sentiment among speculators.
On the fundamentals, downstream purchasing willingness continues to decline. Subsequent releases of warehouse receipts into the spot market are expected to continue impacting spot premiums and discounts. According to SMM, due to recent significant fluctuations in copper prices, processing enterprises have noticeably slowed their procurement pace. In terms of prices, weak consumption will inhibit the continuous rise of copper prices.
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