US Dollar Strength Weighs on Copper Prices Overnight

The US dollar's strength weighed on copper prices overnight, sending both LME and SHFE copper contracts lower. The US rejected Iran's proposed peace deal, pushing oil prices higher and reigniting inflation concerns. With hawkish expectations from the US Fed, investors reduced their long positions in copper.

LME copper opened at $14,478/mt, hit a high of $14,481/mt, but closed at $14,478/mt, down 1.05%. Trading volume was 19,000 lots, with open interest at 260,000 lots, down 2,650 lots from the previous trading day.

SHFE copper 2611 contract opened at 109,260 yuan/mt, hit a high of 109,370 yuan/mt, but closed at 109,260 yuan/mt, down 0.16%. Trading volume was 31,000 lots, with open interest at 184,000 lots, down 1,545 lots from the previous trading day.