LME and SHFE base metals closed mostly with losses last night. On the macro front, the US Markit services PMI hit a 13-month high in May, showing a surge in demand for tourism and leisure in the US, and inflationary pressures still exist. In addition, the unease in the US debt ceiling negotiations made investors turn to safe-haven assets, and the dollar rose. Copper: LME copper prices closed at $7,891/mt overnight, a decline of 2.35%. Trading volume was 27,000 lots and open interest stood at 254,000 lots. The most active SHFE 2307 copper contract finished at 62,990 yuan/mt, down 1.5%. Trading volume was 89,000 lots ... (full story)