SHANGHAI, Feb. 12 (SMM) – LME copper prices remained around USD 5,610/mt during Asian hours Wednesday and tested a high of USD 5,688/mt during European hours. Later, the prices fell sharply to USD 5,581/mt, down below the 20 and 10-day moving averages, and then stabilized to end at USD 5,597/mt, losing USD 21.5/mt. Positions increased 6,470 and trading volumes were 15,414 lots.
The US Energy Information Administration reported crude oil inventories increased 4.86 million barrel, higher than expected, and inventories in Cushing grew 1.21 million barrels to 42.598 million barrels. Crude oil slumped 2.36% as a result. The US dollar index climbed to 95 at one point.
In Europe, the euro zone finance ministers discussed bailout agreement with Greece. It was reported that the finance ministers failed to reach agreement with Greece and the discussion will continue next Monday.
Leaders of Russia, Ukraine, Germany and France should meet for resolving the Ukraine crisis late February 11. Ukrainian government said on the same day that opposition attacked a railway station in its eastern town Debaltseve, killing 19 soldiers
SHFE most-active copper contract opened at RMB 41,200/mt during Wednesday’s night session and fell to RMB 40,920/mt before ending at RMB 41,000/mt, down RMB 40/mt. Positions in the April-delivery copper reduced 1,418 to 292,998, and trading volumes were around 150,000 lots.
SHFE 1504 copper contract should trade at RMB 40,850-41,250/mt on February 12. Spot discounts are expected to widen to RMB 130-230/mt.
