Latest Update in the SMM Copper Market

According to an SMM survey, as of Thursday (June 6), copper inventories in the domestic bonded zone decreased by 2,600 mt from May 30 to 90,600 mt. Shanghai bonded inventories decreased by 2,500 mt to 85,000 mt; Guangdong bonded inventories decreased by 100 mt to 5,600 mt.

On the macro front, recent U.S. economic data has shown a moderate decline, particularly with an unexpected cooling in the job market. The market thus expected an earlier rate cut. The US dollar index fell to around 104 during the week.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Jun 07, 2024

Overnight, LME copper opened at $10,023/mt, hit a session low of $9,998.5/mt at the beginning, then climbed all the way to a session high of $10,159/mt at the end of the trading session, and finally closed at $10,145.5/mt, with a gain of 1.39%.

Overnight, LME copper opened at $10,023/mt, hit a session low of $9,998.5/mt at the beginning, then climbed all the way to a session high of $10,159/mt at the end of the trading session, and finally closed at $10,145.5/mt, with a gain of 1.39%.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Jun 06, 2024

Copper prices, once driven to record highs by a combination of positive macroeconomic data from China and the US in March and expectations of tight copper mine supply, have now faced a significant correction.

Dear visitors/subscribers, Thank you for your continued support. We would like to inform you that due to the upcoming Dragon Boat Festival, all of our news updates will be temporarily suspended on June 10 and some of our English weekly reports for the week of June 3-7 will be delayed by one day to June 11.