SHANGHAI, Oct. 17 (SMM) – LME three-month copper dipped to a low of USD 6,535/mt at a time Thursday and closed at USD 6,587/mt, as investors continued to digest weak data from China.
Spot TC/RCs released by Metal Bulletin rose to USD 115.1/mt and 11.51￠/lb, higher than the USD 115/mt and 11.5 ￠/lb floor price announced by the 17 companies under China Smelters Purchase Team early this month.
Industry participants will get together at the LME Week to be held October 20-21, and with agreements on 2015’s copper concentrate shipments to be concluded.
The most active SHFE copper contract again gapped lower for Thursday’s night session at RMB 47,000/mt, and ended the session down RMB 540/mt at RMB 47,170/mt, with the low-end price at RMB 46,830/mt and high-end price at RMB 47,170/mt. Trading volumes of the most active contract soared to 300,000 lots, while positions fell by 7,886 lots. Holdings in SHFE 1501 copper contract rose by 30,896 lots.
SHFE 1412 copper contract may trade at RMB 46,800-47,200/mt on Friday. In China’s spot markets, copper will be offered at premiums of RMB 70-120/mt against SHFE 1411 copper contract prices.