SHANGHAI, Apr. 8 (SMM) – LME copper prices ended Tuesday at USD 6,055/mt, up USD 70/mt, failing to rise above USD 6,100/mt.
Markit’s euro zone PMI rose to 54 in March, and the euro zone PPI for February increased for the first time in five months, up 0.5% from January. European shares rose across the board.
In the US, the consumer credit grew 5.6% in February, to an annualized USD 15.5 billion, the fastest growth since October last year. Besides, investors were pondering Federal Express’ M&A and Fed officials’ remarks on interest rate. US shares fell slightly.
SHFE 1506 copper contract gapped higher at RMB 43,550/mt during night session Tuesday, and touched a high of RMB 43,820/mt before ending at RMB 43,700/mt, up RMB 250/mt. Positions fell by 1,796 and trading volumes were around 130,000 lots.
The US crude oil inventories were reported up sharply, causing crude oil prices to fall. Besides, Chinese stocks are heading to 4,000, which may attract investors to withdraw from futures trading and enter stock market.
SHFE 1506 copper contract prices should remain at RMB 43,300-43,800/mt on April 8. Spot copper may be quoted at premiums of RMB 0-50/mt to SHFE 1504 copper contract.