SHANGHAI, June 30 (SMM) – LME copper prices tumbled yesterday, and slid as low as USD 6,465/mt after opening at USD 6,812/mt, and finally closed at USD 6,475/mt, down as much as 4.95%. China stock markets plunged to 2425.93 points on Tuesday, hitting a new 14-month low, sending base metal prices lower. Affected by concerns over the growth of global economy, LME base metal market fell across the board.
SMM believes SHFE October delivery copper prices will drop further due to falling LME copper prices overnight, with prices expected to move between USD 51,400-52,100/mt on Wednesday.
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