SHANGHAI, Feb. 26 (SMM) – LME copper closed Wednesday up USD 20/mt at USD 5,830/mt. The US dollar index fell as investors are cautious ahead of forthcoming US inflation data. A weaker dollar boosted crude oil and gold prices, favoring base metals.    

 

SHFE 1505 copper contract opened Wednesday night session at RMB 41,940/mt. The most active contract hit a ceiling at RMB 42,050/mt before ending RMB 90/mt higher at RMB 42,010/mt. Trading volumes were less than 100,000 lots, with positions up 12,360. 

 

LME copper should remain strong between USD 5,740-5,820/mt on Thursday. The most active SHFE copper contract is expected to fluctuate between RMB 41,800-42,200/mt. In China’s spot copper market, trading will remain light as holiday sentiment is still strong. Spot discounts of RMB 100-180/mt are expected over SHFE 1503 copper contract.