SHANGHAI, Apr. 27 (SMM) – LME copper touched a high of USD 6,075/mt and closed at USD 6,025/mt last Friday, up USD 66/mt.
The US dollar index continued to fall, while US shares rallied, boosting commodities prices.
SHFE 1507 copper contract gapped higher at RMB 43,610/mt during night session Friday, and moved narrowly between RMB 43,390-43,690/mt. The prices finally closed at RMB 43,560/mt, up RMB 410/mt. Positions in the most active contract increased 2,846 and trading volumes were about 106,000 lots. SHFE reported a 9.8% decline in copper stocks last week, allowing copper prices to jump higher. However, resistance remains at RMB 44,000/mt.
SHFE 1507 copper contract may trade at RMB 43,200-43,800/mt on April 27. Spot copper may be offered at premiums of RMB 120-160/mt to SHFE 1505 copper contract in Shanghai.