SMM

LME copper prices closed at $8,580/mt last Friday evening, a rise of 0.53%. Trading volumes were 18,000 lots and open interest stood at 253,000 lots. The most active SHFE 2306 copper contract ended at 66,960 yuan/mt last Friday evening, up 0.56%. Trading volume was 49,000 lots, and open interest stood at 183,000 lots. On the macro front, the stronger-than-expected U.S. employment data and wage growth rate hit expectations of the Federal Reserve’s interest rate cut. The labour market remains strong.