SMM

LME copper prices closed at $8,419.5/mt last evening, down 1.86%. Trading volume was 19,000 lots and open interest stood at 262,000 lots. The SHFE market was closed due to the Dragon Boat Festival holidays. On the macro front, Federal Reserve Chairman Powell said at a hearing of the Senate Banking Committee last Thursday that it would be appropriate to raise interest rates twice again this year, and there is still a long way to go to solve the inflation problem. The hawkish speech made the dollar rise.