SHANGHAI, May 5 (SMM) – LME closed on May 4 for the bank holiday. SHFE 1507 copper contract prices started at RMB 45,830/mt Monday night and soon climbed to RMB 45,930/mt but met resistance at the level. The prices then pulled back to RMB 45,650/mt and hovered near RMB 45,780/mt before ending at RMB 45,730/mt, up RMB 260/mt, or 0.57%.
SHFE 1507 copper contract is expected to trade at RMB 45,500-46,000/mt on May 5. Spot copper may be offered at premiums of RMB 20-100/mt to SHFE 1505 copper contract in Shanghai.