SMM

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.