The LME market was closed yesterday. The most active SHFE 2307 copper contract finished at 65,080 yuan/mt overnight, up 0.23%. Trading volume was 32,000 lots and open interest stood at 198,000 lots. On the macro front, the U.S. debt ceiling agreement boosted risk appetite in global markets and weakened the safe-haven appeal of the dollar, which fell on Monday. However, the core inflation in the United States is at a high level, and the market expects the Fed to raise interest rates in June.
The LME market was closed yesterday. The most active SHFE 2307 copper contract finished at 65,080 yuan/mt overnight, up 0.23%. Trading volume was 32,000 lots and open interest stood at 198,000 lots. On the macro front, the U.S. debt ceiling agreement boosted risk appetite in global markets and weakened the safe-haven appeal of the dollar, which fell on Monday. However, the core inflation in the United States is at a high level, and the market expects the Fed to raise interest rates in June.
As of Monday May 29, SMM copper inventory across major Chinese markets stood at 118,300 mt, down 100 mt from last Friday but up 11,000 mt from the same period last year. Although there are imported copper in east China, the domestic supply of goods is still tight, resulting in inventory declines.
The arrivals of both imported copper and domestic copper in south China increased, and consumption has declined after the copper price rebounded. In terms of consumption, demand decreased towards the end of the month, and the rebound in copper prices also caused consumption to fall. Market sentiment was positive after the US debt crisis has been lifted, but copper prices will lack ability to rebound further in the short term.
More popular news:
Copper Shortage Is Irreparable Even after Biggest Mergers and Acquisitions, Here’s Why
Testing Agency Responds to Great Wall Motor Report on BYD to Chinese Authorities
BHP Says China's Real Estate Recovery Will Boost Metals Demand
G7 to Expand Sanctions Covering Metals on Russia, Promises Further Support for Ukraine
BYD Denies Rumours after Being Reported to Chinese Authorities, Two Top China Automakers Escalate War
Trafigura Sees Copper Prices Rising to All-Time High on China Economic Rebound and Supply Shortages
The Ban will Not Stop Exports of Key Raw Minerals Copper, Zinc, Iron Ore from Indonesia, But Bauxite Shipments will Stop in June
SMM Daily Comments (May 24): LME Base Metals Closed with Losses, All Ferrous Metals Dropped with Iron Ore Plunging, Oil Gained Ground as Goldman Sachs Sees Stubborn Shortage from June
High Lithium Ore Prices in Australia will Drive Lithium Prices Rebound, Reasons Prevent Output to Grow
A Bull Gold Market Has Just Begun
Global Key Base Metals Face Supply Glut, Severe Oversupply for Aluminium, But There Is a Global Copper Shortage
Rio Tinto Warns of Risks for Paying High Premiums for Lithium Mines after Plunging Lithium Prices Triggered Acquisition Rush
Goldman Sachs Lowers Price Forecast for Aluminium, Copper in 2023, Sees Nickel Price Plunging
'Bond King' Jeffrey Gundlach Says Sharp Fed Rate Cuts By Year-End Will Push Up Gold Prices
Zinc Prices to Plunge by 2025, Here's Why
World Bank: Global Commodity Prices to Plunge Precipitously This Year at Fastest Speed since Covid Outbreak
Citigroup Warns European Commercial Real Estate Values Will Plummet 40%, But Sees Medium-Term Opportunity
IMF: US Debt Defaults Will Take a Heavy Toll on Global Economy, Global GDP Growth Can Plunge
Goldman Sachs Warns of Serious Risks US Dollar Will Lose Reserve Currency Status on Debt Ceiling Standoff
BofA Sharply Lowers Forecast for Oil Price, Global Oil Consumption in 2023
UBS Raises China GDP Growth Forecast, Sees Earnings from China Stock Market Soaring, RMB Appreciating
Global Aluminium Inventory to Plunge Further amid Supply Headwinds, LME Aluminium Prices to React Fast
Sharp Output Cuts Led to Lithium Ore Shortages, High Import Prices Drove Lithium Salt Producers to Shut Down
US Treasury Bill Rates Soar to Record High on Debt Ceiling Jitters
USGS Rejects Copper as Critical Mineral despite Huge Shortage and Biggest Producers Push, Citing Misleading Arguments
SMM Daily Comments (May 16): Most Base Metals Prices Closed with Losses, SHFE Nickel, Stainless Steel Plunge, Oil Gained on G7 New Measures, US Strategic Petroleum Reserve Replenishment and Supply Concerns
SMM Daily Comments (May 17): Most Metals prices Rose, Ferrous Metals Jumped with Coking Coal soaring 3.29%,Oil Went Down on Surprise Inventory Growth, Poor China Economic Data and IEA Doubt on Russia Cheating on Output Cuts
SMM Daily Comments (May 19): LME Metals Rose across the Board, All Ferrous Metals Dropped with Coking Coal Plunging
Buffett Talks about Banking Crisis and Bank Stocks He Bought, Munger Warned Commercial Real Estate: the City Will Be Seriously Hollowed Out
