The most active July copper contract on the Shanghai International Energy Exchange (INE) closed at 59,660 yuan/mt overnight, an increase of 560 yuan/mt or 0.95%. Bears reduced open interest to 21,274 lots, and trading volume stood at 12,409 lots.
On the macro front, the market panic has eased. In the first quarter of this year, the real GDP of the United States grew at an annual rate of 1.1%, which was significantly lower than market expectations.
However, the core PCE rose by 4.9% year-on-year in the first quarter of this year, which was higher than expected and the biggest year-on-year increase in the past year. The market believes that the 25-basis-point rate hike in May should occur.
