SHANGHAI, Jun. 11 (SMM) – On Tuesday, economic releases from China seemed to have limited impact on markets. LME three-month copper tested a low of USD 6,628/mt before stabilizing and closing at USD 6,679/mt, up USD 22/mt. Copper still suffered selloffs due to Qingdao’s investigation into metal financing.
SHFE August-delivery copper opened at RMB 47,460/mt during Tuesday’s night session, and ended at RMB 47,620/mt after meeting resistance at RMB 47,670/mt, rising RMB 100/mt. Traded volumes for the most active copper contract shrank to 80,000 lots, while positions increased 2,180 lots.
On Wednesday, SHFE 1408 copper contract prices are expected to move between RMB 47,400-47,700/mt. Spot copper may be offered between a discount of RMB 20/mt and a premiums of RMB 100/mt against SHFE 1406 copper contract prices.