Copper Prices Fluctuate Amid Ongoing Market Uncertainty

Copper prices continued their fluctuating upward trend last Friday night, despite easing inflation expectations. The London Metal Exchange (LME) copper price opened at $14,502/mt and drifted lower to a low of $14,480.5/mt before rebounding and settling at $14,563/mt, up 0.62%. Trading volume rose to 21,000 lots, while open interest increased by 2,021 lots from the previous trading day.

The Shanghai Futures Exchange (SHFE) copper price also saw a fluctuating trend, opening at 109,840 yuan/mt and drifting higher before dipping to a low of 109,620 yuan/mt. It eventually settled at 109,900 yuan/mt, up 0.34%. Trading volume rose to 17,200 lots, but open interest decreased by 766 lots from the previous trading day.

The macroeconomic factors affecting copper prices remained uncertain, with US President Trump's statement on meeting Iran's president and considering military action against Iran contributing to market volatility. However, a pullback in crude oil eased inflation expectations, providing support for copper prices.