SHANGHAI, Oct. 9 (SMM) – LME copper prices tested a low of USD 6,625/mt on October 8 due to expectation of growing supply and a slowdown of growth in China and Europe. However, short covering following last week’s slump limited decline in prices, so LME 3-month copper finished the day at USD 6,645/mt.
The most active SHFE copper contract started at RMB 47,850/mt during the night session Wednesday, and slipped to RMB 47,210/mt. The red metal finally closed at RMB 47,340/mt, down RMB 580/mt. Trading volumes of the most active contract surged to 250,000 lots, and positions soared by 39,306 lots. Holdings in SHFE 1501 copper contract also presented a 12,192 lot spike, as shorts entered the market actively.
SHFE 1412 copper contract may trade at RMB 47,000-47,800/mt on October 9. In China’s spot markets, copper will be offered at premiums of RMB 0-100/mt against SHFE 1410 copper contract prices.