Stronger US Dollar Weighs on Copper Prices
Copper prices experienced a pullback in both domestic and international markets due to a stronger US dollar. The London Metal Exchange (LME) copper price opened at $14,697.5/mt on September 24 and hit a high of $14,708/mt before drifting lower to $14,563.5/mt near the end of the session.
The LME copper price settled at $14,615.5/mt, down 1.13%, with trading volume reaching 19,700 lots and open interest standing at 263,900 lots, down 137 lots from the previous trading day. This reflects long liquidation in the market.
In contrast, the Shanghai Futures Exchange (SHFE) copper price opened at 110,790 yuan/mt on September 24 and rose to a high of 111,160 yuan/mt before experiencing wild swings and settling at 110,770 yuan/mt, down 0.5%. Trading volume reached 23,700 lots and open interest stood at 123,500 lots, down 6,559 lots from the previous trading day.
The stronger US dollar weighed on copper prices, which are expected to consolidate in a narrow range today.