SHANGHAI, Apr. 24 (SMM) – LME copper closed at USD 5,959/mt on Thursday, up USD 46/mt.
US shares rallied across the board and Brent oil touched the highest so far this year. However, LME copper failed to take impetus therefrom, as economic releases from major economies disappointed.
China continued to report decline in refined copper imports during March.
SHFE 1506 copper contract started slightly higher at RMB 43,130/mt during night session Thursday, and dipped to a low of RMB 43,110/mt before rising back. The prices finally closed at RMB 43,320/mt, up RMB 240/mt. Positions in the most active contract declined 6,074 and trading volumes were only about 80,000 lots. Spot premiums held up Thursday, but trades were poor.
SHFE 1506 copper contract may trade at RMB 43,100-43,500/mt on April 24. Spot copper may be offered at premiums of RMB 180-250/mt to SHFE 1505 copper contract in Shanghai.