SHANGHAI, Jul. 9 (SMM) – On Tuesday, European stocks tumbled by 1.4%, with shares in UK, Germany and France all posting over 1% declines since Germany’s trade data disappointed. Later, the US job openings in May were reportedly up to the highest since August 2007, while the quits rate was unchanged at 1.8%. The US stocks fell across the board, dragging down commodity prices. LME three-month copper increased to USD 7,212/mt helped by buying activities, but fell back and closed at USD 7,140/mt.
The September copper on SHFE started at RMB 51,250/mt during Tuesday’s night session, and hit a high of RMB 51,480/mt, but then pulled back due to profit-taking and lower LME copper. The most active contract finished the session at RMB 50,910/mt, down RMB 60/mt. Traded volumes for the contract increased to 210,000 lots and positions rose by 124 lots.
On July 9, SHFE 1409 copper contract prices are expected to move between RMB 50,800-51,400/mt. Spot copper may be offered at discounts of RMB 0-120/mt against SHFE 1407 copper contract prices.