SHANGHAI, Oct. 21 (SMM) – LME three-month copper tested a low of USD 6,541/mt on Monday and closed at USD 6,589/mt, down USD 40/mt.
Investors were still focused on financial results of listed companies considering limited economic releases. US shares increased across the board on Monday, but the rebound failed to proffer support to copper prices. Combined with caution before announcement of Chinese economic data, LME copper prices declined.
The most active SHFE copper contract edged down during Monday’s night session, with resistance at RMB 46,730/mt and support at RMB 46,450/mt. Trading volumes of the most active contract were around 110,000 lots, while positions increased 418 lots.
SHFE 1501 copper contract may trade at RMB 46,300-47,000/mt on October 21. In China’s physical markets, copper will be offered at premiums of RMB 30-120/mt against SHFE 1411 copper contract prices.