SHANGHAI, Oct. 13 (SMM) – As some investors liquidated positions before the release of China’s economic data, LME copper prices fell to a low of USD 6,613/mt, but then bounced back last Friday. The red metal closed at USD 6,705/mt, up USD 3/mt.
Worsening German data stoked market concerns over the euro zone recovery. Germany’s exports posted the biggest fall since the financial crisis in August, prompting some organizations to cut its growth forecast. Global stock market sank to the lowest in six months, with US shares shedding over 1%.
The most active SHFE copper contract started at RMB 47,140/mt during the night session last Friday, and dipped to a low of RMB 46,950/mt before rallying, finishing the session at RMB 47,810/mt, up RMB 220/mt. Trading volumes of the most active contract increased to 260,000 lots, and positions fell by 23,908 lots. Holdings in SHFE 1501 copper contract soared by 12,246 lots.
SHFE 1412 copper contract may trade at RMB 47,300-47,900/mt on Monday. In China’s spot markets, copper will be offered at premiums of RMB 0-100/mt against SHFE 1410 copper contract prices.