SHANGHAI, Oct. 30 (SMM) – LME copper prices tested a high of USD 6,835/mt Wednesday but soon fell back to USD 6,760/mt and closed at USD 6,761/mt, down USD 29/mt.
The euro zone economic confidence index fell to 99.9 in September and tends to continue slipping in October. This will pressure the European Central Bank to introduce more accommodative measures.
The Fed put the bond buying program to an end by cutting the remaining USD 15 billion/month and left its interest rate unchanged after its October meeting. The US dollar index increased to over 86, weighing down US shares and commodity prices.
The most active SHFE copper contract opened at RMB 47,750/mt and closed at RMB 47,920/mt during night session Wednesday, up by RMB 320/mt with the high-end price at RMB 48,040/mt. Trading volumes of the most active contract were about 170,000 lots, while positions fell by 10,930 lots.
SHFE 1501 copper contract may trade at RMB 47,300-47,800/mt on October 30. In China’s physical markets, copper will be offered between a discount of RMB 50 and a premium of RMB 20/mt against SHFE 1411 copper contract prices.