SHANGHAI, Aug. 26 (SMM) – LME was closed on Monday for the Summer Bank Holiday in the UK. SMM expects LME copper prices to gain strength after reopening, as US stocks rallied across the board boosted by European Central Bank’s hint at further stimulus and reports on M&A deals.
SHFE 1410 copper contract prices opened at RMB 50,810/mt at night trading on Monday, and tested a low of RMB 50,640/mt before ending at RMB 50,730/mt. Traded volumes for the most active SHFE copper contract fell by 50,000 lots, while positions increased 2,050 lots.
On August 26, SHFE 1410 copper contract prices are expected at RMB 50,600-51,000/mt. In physical market, copper may be quoted at premiums of RMB 200-350/mt against SHFE 1409 copper contract prices.