The LME market was closed yesterday. The most active SHFE 2306 copper contract finished at 67,640 yuan/mt overnight, up 0.91%. Trading volume was 23,000 lots, and open interest stood at 182,000 lots. On the macro front, the dollar inched higher against a basket of currencies yesterday, shrugging off earlier weakness, as the market shifted attention from an unsurprising survey of lending conditions to other economic data that could provide new clues for the Federal Reserve’s rate hike path.
Additionally, inflation data due later this week could provide clues to the outlook for US interest rates. On the fundamentals, as of Monday May 8, SMM copper inventory across major Chinese markets fell 700 mt from two Fridays ago but increased 45,900 mt from the same period last year. The big inventory decline in Shanghai is due to limited shipments arrivals over the weekend and active shipments leaving warehouses in east China amid tight copper scrap supply.
Jubilee Metals Group plc (LON:JLP) is a diversified metal recovery business with a world-class portfolio of projects in South Africa and Zambia. The Company’s expanding multi-project portfolio across South Africa and Zambia provides exposure to a broad commodity basket including Platinum Group Metals, chrome, lead, zinc, vanadium, copper and cobalt.