LME copper prices saw an overnight decrease of 1.28%, closing at $8329/mt after opening at $8462.5/mt. The price range saw highs of $8483/mt and lows of 8324/mt. There were 26,000 lots traded, and there were 278,000 lots in open interest.
The prices of the most active SHFE 2402 copper contract. Which had a high of 68180 yuan/mt and a low of 67860 yuan/mt. Opened at 67980 yuan/mt and closed at 67930 yuan/mt last evening, down 0.35%. There were 23,000 lots of trading and 123,000 lots of open interest.
In December, macroeconomically speaking, the United States NFIB Small Business Confidence Index reached a new high of 91.9, after having been at 91.9 in July 2023. When the economy is already struggling, the market anticipates that the Federal Reserve will lower interest rates as soon as feasible.
The strong performance of the US dollar index put some pressure on copper prices. Fundamentally, near year’s end, demand was generally weak due to downstream replenishment at low prices and an increase in the price differential between front-month or next-month contracts.
It’s anticipat that supply will continue to be plentiful. It is anticipat that premiums will keep declining and that consumption will remain low if copper prices do not drop considerably. As the United States dollar index increased, resistance will be encounter by copper prices.
LME copper prices saw an overnight decrease of 1.28%. Closing at $8329/mt after opening at $8462.5/mt. The price range saw highs of $8483/mt and lows of 8324/mt. There were 26,000 lots traded, and there were 278,000 lots in open interest.
SHFE 2402 Copper Contract Performance
The prices of the most active SHFE 2402 copper contract. Which had a high of 68180 yuan/mt and a low of 67860 yuan/mt, opened at 67980 yuan/mt or closed at 67930 yuan/mt last evening, decreased 0.35%. There were 23,000 lots of trading and 123,000 lots of open interest.
Macroeconomically speaking, the United States NFIB Small Business Confidence Index hit a new high in December of 91.9, having previously stood at 91.9 in July 2023. When the economy is already struggling, the market anticipates that the Federal Reserve will lower interest rates as soon as feasible. The strong performance of the United States dollar index put some pressure on copper prices.
Fundamentally, demand was weaker towards the end of the year due to downstream replenishment at lower prices and an increase in the price difference between front-month or next-month contracts.
It’s anticipat that supply will continue to be plentiful. It is anticipat that premiums will keep declining and that consumption will remain low if copper prices do not drop considerably. As the United States dollar index increased, resistance will be encountered by copper prices.