SHANGHAI, Apr. 1 (SMM) – LME copper prices slipped Tuesday to close at USD 6,020/mt, down USD 75/mt with the US dollar index again rising above 98.
Germany’s real retail sales dropped on YoY and MoM basis in February, and the US Conference Board Consumer Confidence Index climbed unexpectedly in March. The US and European stocks fell slightly.
SHFE 1506 copper contract started at RMB 43,430/mt during Tuesday’s night session and soon increased to RMB 43,670/mt. Later, however, the price fell below RMB 43,200/mt due to selling pressure and ended the session at RMB 43,090/mt, down RMB 680/mt. Positions in the June delivery copper increased 7,606, and trading volumes were around 230,000 lots.
SHFE 1506 copper contract prices may move at RMB 43,000-43,600/mt on Wednesday. Spot copper may be quoted at discounts of RMB 50-120/mt to SHFE 1504 copper contract.