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Morning Comment For SHFE Base Metals On May 15
LME copper prices opened at $10191.5/mt and closed at $10075/mt last evening, down 1.28% with the high-end of $10260/mt and the low-end of $10046/mt. Trading volume was 43,000 lots and open interest stood at 336,000 lots. The most active SHFE 2407 copper contract prices opened at 82300 yuan/mt and closed at 81350 yuan/mt last evening, down 0.96%, with the high-end of 82590 yuan/mt and the low-end of 81230 yuan/mt. Trading volumes stood at 65,000 lots and open interest stood at 196,000 lots. On the macro level, Federal Reserve Chairman Powell reiterated that interest rates may remain high for a longer period of time. ... (full story)