SHANGHAI, Jul. 3 (SMM) – The US economic data released on July 3 were mixed. Both factory orders and revised durable goods orders for May missed forecasts, but the ADP job data showed the biggest gain in about 1.5 years, leaving economists more optimistic to the non-farm payroll data and fueling anticipation for an interest rate hike. LME three-month copper climbed above USD 7,100/mt helped by upbeat hiring data, and closed at USD 7,134/mt, up 1.8%.
The September copper on SHFE gapped higher during Wednesday’s night trading at RMB 50,700/mt, and broke above RMB 51,000/mt. The prices touched a high of RMB 51,150/mt before finishing at RMB 51,090/mt, up RMB 860/mt. Traded volumes for the most active SHFE copper contract rose to nearly 300,000 lots, and positions soared by 20,556 lots.
On July 3, SHFE 1409 copper contract prices are expected to move between RMB 50,800-51,300/mt. Spot copper in China may be quoted at premiums between RMB 80-220/mt against SHFE 1407 copper contract prices.