SHANGHAI, Mar. 3 (SMM) – LME copper prices touched a high of USD 5,960/mt and closed up USD 22/mt at USD 5,917/mt on Monday.

The euro zone’s preliminary CPI shrank 0.3% YoY in February. US ISM manufacturing PMI fell to a new 13-month low of 52.9 in February, slightly below 53 expected and down for a fourth straight month. The Markit’s final US manufacturing PMI was 55.1. US personal consumption expenditures edged down 0.2% MoM in January, a fall bigger than the expected 0.1% decline, while its personal income grew 0.3% MoM, short of a 0.4% rise estimated.

S&P 500 index and the Dow finished at new highs, while the Nasdaq climbed above 5,000.

SHFE most-active copper contract opened at RMB 42,890/mt during night session this Monday and met resistance at RMB 43,220/mt before ending at RMB 42,990/mt, up RMB 160/mt. Positions in the May delivery copper grew 8,170, and trading volumes were about 190,000 lots.

SHFE 1505 copper contract should trade at RMB 42,700-43,300/mt on March 3. Spot discounts will be RMB 120-250/mt.