SHANGHAI, Dec. 8 (SMM) – The LME copper market overnight fell back from highs due to the rumor that JP Morgan holds 50%-80% of LME warehouse inventories. During the session, LME copper prices set a new record high, reaching as high as USD 9,044/mt. Trading volumes increased greatly by 16,232 lots, and positions were up 2,434 lots. Finally, LME copper prices fell back from highs due to rebounding US dollar, to close at USD 8,865/mt. Although LME copper market experienced marked increases in trading volumes and positions, the market will feel great profit-taking pressure due to the existing record high level. However, ETF Securities said it would launch the first exchange-traded commodity products backed by industrial metals on December 10th, and this will tighten copper supply, which will support prices.
During Wednesday’s Asian trading hours, the US dollar is expected to move between 79.6-80.1, and LME copper prices will fluctuate in the USD 8,800-8,950/mt, and SHFE three-month copper contract prices will be in the RMB 65,800-66,900/mt range on Wednesday.
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