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Morning Comment For SHFE Base Metals On Apr 23
Overnight, LME copper opened at $9,908/mt and rose to $9,988/mt, but then fell to $9,805/mt before closing at $9,853/mt. Trading volume was 30,000 lots and open interest stood at 335,000 lots, down 0.22%. The most-traded SHFE 2406 copper contract opened at 79,710 yuan/mt, and rose to 79,730 yuan/mt, but dipped to 78,910 yuan/mt before closing at 79,340 yuan/mt. Trading volume was 78,000 lots and open interest stood at 205,000 lots, down 0.92%. On the macro level, ECB took a hawkish stance and the interest rate cut is expected to exceed 100 base points this year. At the same time, oil prices dropped and copper prices ... (full story)