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Morning Comment For SHFE Base Metals On July 2
Overnight, LME copper opened at $9,656/mt, with the initial session seeing a rise in the trading range, peaking at $9,690.5/mt. The price then dipped, hitting a session low of $9,618/mt at the end of trading, and finally closed at $9,636/mt, up 0.52%. Trading volume reached 15,000 lots, and open interest was 327,000 lots. The most-traded SHFE copper contract for August 2024 opened at 78,760 yuan/mt, initially rising to 78,960 yuan/mt, then dipping to a session low of 78,500 yuan/mt, and finally closed at 78,730 yuan/mt, up 0.46%. Trading volume reached 44,000 lots, and open interest was 192,000 lots. Macro-wise, the ... (full story)