SMM

LME copper prices opened at $8654/mt and closed at $8648.5/mt overnight, down 0.06%, with the highest prices of $8700/mt and the lowest of $8605/mt.The trading volume was 23,000 lots, and open interest stood at 285,000 lots. The most active SHFE 2405 copper contract prices opened at 69960 yuan/mt and finished at 69910 yuan/mt overnight, with the high-end of 70060 yuan/mt and the low-end of 69580 yuan/mt, up 0.29%. Trading volume was 34,000 lots, and open interest stood at 163,000 lots. On the macro front, the overall CPI in the United States unexpectedly rebounded in February, with the core CPI monthly and annual rates higher than expected. The unexpected rebound in U.S. inflation in February may force the Federal Reserve to continue to postpone expectations of interest rate cuts, dragging down copper prices. From the supply side, arrivals increased, domestic inventories continue to rise, and the overall supply remains sufficient. In terms of consumption, although inventories continue to increase, sellers of goods approaching delivery kept prices firm. In the face of high copper prices, downstream customers only purchase on demand. In terms of prices, U.S. inflation unexpectedly picked up in February, and domestic consumption was weak under the pressure of copper prices. It is expected that copper prices will have little momentum to rise.