SHANGHAI, Sept.25 (SMM) – It was reported that the euro zone considered leveraging ESM from EUR 500 billion to EUR 2 trillion. However proposal did not receive consents from all euro zone members. In addition, the Greek Finance Ministry denied previous report that Greece has EUR 20 billion budget deficits to pay back its creditors and claimed the deficits were only EUR 13.5 billion. In addition, the Germany IFO business climate index for September continued to fall, which weighed down the European equity market by 0.4%. Meanwhile, the US equity market also closed with losses. Risk aversion sentient grew, sending the US dollar index higher. Further, the Chicago national activity index's for August was -0.87, lower than previous reading of 0.13, and Dallas Fed manufacturing activity index was -0.9, higher than market expectation of -1.4. The mixed economic data failed to support financial market. LME copper prices posted weak performance last night. LME copper prices initially fell to hit a low at USD 8,150/mt but later pared certain losses at the tail of the trading. Finally, LME copper prices closed at USD 8,178/mt, down USD 115/mt from a day earlier.
LME copper prices meet resistance to advance and will move between USD 8,150-8,250/mt during Tuesday's Asian trading session. Chinese stock markets slip, so SHFE copper prices will hover in the RMB 58,700 -59,300/mt range. Spot copper discounts are estimated to expend to RMB 0-100/mt versus SHFE 1210 copper contract at the month end.