SHANGHAI, May 4 (SMM) – LME copper prices moved in a narrow range during Asian hours last Friday and then rallied to end at USD 6,424/mt, up USD 109/mt.
China’s official manufacturing PMI for April was reported at 50.1, with the index for SMEs recovering, leaving markets upbeat about the final reading of HSBC’s manufacturing PMI.
US and European shares rallied, with US stocks up more than 1%.
Night trading on SHFE was closed for the May Day holiday last Friday, and SHFE copper prices may follow LME copper up after opening on Monday.
SHFE 1507 copper contract is expected to trade at RMB 45,000-45,830/mt on May 4. Spot copper may be offered at premiums of RMB 50-120/mt to SHFE 1505 copper contract in Shanghai.