SHANGHAI, Oct. 29 (SMM) – LME copper prices fluctuated up on Tuesday and finished at USD 6,790/mt, up USD 60/mt.
Strikes at large copper mines and a weakening of the US dollar gave support to copper prices. Although US durable goods orders dropped unexpectedly for a second month in September due to waning demand for machinery and computer, the Richmond Fed manufacturing index and Conference Board consumer confidence index turned up positive. In addition, US shares increased across the board. These factors allowed LME copper to rally.
The most active SHFE copper contract opened at RMB 47,710/mt and moved around RMB 47,650/mt during night session Tuesday. The January-delivery copper ended the session at RMB 47,670/mt. Trading volumes of the most active contract were about 90,000 lots, while positions increased 10,328 lots.
SHFE 1501 copper contract may trade at RMB 47,400-47,800/mt on October 29. In China’s physical markets, copper will be offered at discounts of RMB 20-80/mt against SHFE 1411 copper contract prices.