SHANGHAI, Jun. 25 (SMM) – On Tuesday, the US Consumer Confidence Index rose to 85.2 in June, the highest since January 2008, and new home sales for May also hit a six-month high of 504,000, well above the 440,000 expected. Notably, the upbeat housing data were largely contributed by sharp increase in sales in northeast US. In the euro zone, however, Germany's Ifo index of business sentiment fell to its lowest this year, leaving trading subdued. Besides, geopolitical crises continued to influence the market, causing US shares to fall back after initial rises. LME three-month copper remained in a narrow range and closed up USD 4/mt at USD 6,877/mt.
The August-delivery copper on SHFE opened at RMB 49,440/mt for Tuesday’s night trading, and moved narrowly before closing down RMB 50/mt at RMB 49,400/mt, with a session high at RMB 49,480/mt. Traded volumes for the most active SHFE copper contract were around 50,000 lots, while positions shrank by 5,778 lots.
On June 25, SHFE 1408 copper contract prices are expected to move between RMB 49,000-49,500/mt. Spot copper may be offered at premiums of RMB 300-450/mt against SHFE 1407 copper contract prices.