Copper Prices Rise Amid Eased Inflation Concerns, Declining Crude Oil

Copper prices have been trending upward, driven by easing inflation concerns and declining crude oil prices. The London Metal Exchange (LME) copper opened at $13,866/mt and rose to a high of $13,884/mt before pulling back to settle at $13,848/mt, up 0.33%. Trading volume was 16,900 lots, with open interest falling to 248,000 lots.

The Shanghai Futures Exchange (SHFE) copper contract also saw gains, opening at 105,750 yuan/mt and hitting an intraday high of 106,220 yuan/mt before settling at 106,190 yuan/mt, up 0.07%. Trading volume was 26,800 lots, with open interest falling to 202,100 lots.

Market analysts point to the US Federal Reserve's (Fed) comments on inflation, as expressed by Fed member Williams, who stated optimism about gradually easing inflation. This sentiment has contributed to a decline in market concerns over persistently high interest rates.

Copper prices are expected to consolidate and edge up today, according to market analysts.