SHANGHAI, Mar. 30 (SMM) – Easing geopolitical tensions in Yemen drove crude oil down last Friday. The US dollar index stabilized. These negative events weighed LME copper down. LME copper fell to USD 6,046/mt before ending last Friday down USD 91/mt at USD 6,061/mt.
The most active SHFE copper contract dropped to RMB 43,410/mt after starting last Friday’s night session at RMB 43,690/mt. The contract ended down RMB 290/mt or 0.66% at RMB 43,580/mt. Trading volumes totaled 229,000 lots, and positions up 5,554 to 366,972.
Despite falling LME copper, the arrival of high-production season in downstream sectors in China will boost demand for the red metal. Moreover, hopes for more stimulus measures to support the property market will also favor copper prices. As such, bulls could consider entering when copper prices move between RMB 43,200-43,300/mt
The opening time of LME changed to 8:00 Beijing time. LME copper opened Monday lower, and is expected to move between USD 6,010-6,110/mt during the Asian session. SHFE 1506 copper contract should range RMB 43,000-43,600/mt. In domestic spot market, falling SHFE copper will lure speculators in. This will help narrow spot discounts to RMB 5-100/mt over SHFE 1504 copper contract.
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