SHANGHAI, Nov. 6 (SMM) – LME copper opened at USD 5,138.5/mt overnight and then lurched down responding to firm dollar and crude oil price declines, to end at USD 5,008/mt. Trading volumes grew but positions fell. LME copper inventories were up 6,400 mt, mainly in European warehouses.
SHFE 1601 copper gapped lower at RMB 37,970/mt for night trading Thursday and then advanced to RMB 38,280/mt due to exit of shorts. But the red metal fell back before closing at RMB 37,870/mt, down by RMB 740/mt or 1.92%. Positions dropped 14,348 but trading volumes surged to 388,000 lots.
Market remains wary before the release of US non-farm payrolls. LME copper will move in USD 4,990-5,040/mt during Asian trading hours. SHFE 1610 copper should range between RMB 37,500-38,100/mt on November 6. Spot discounts of RMB 20-100/mt are expected against SHFE 1511 copper ahead of coming weekend.