SHANGHAI, May 6 (SMM) – LME copper prices rallied to a high of USD 6,481/mt and ended at USD 6,429/mt, up USD 5/mt,
An escalation of conflict in Yemen, a rise of euro zone economic forecast by the European Commission and the above-expected service PMI for the US allowed the New York crude oil prices to stand above USD 60/bbl. Meanwhile, the US dollar index fell further with investors leaving the market before non-farm payroll release.
In other news, Glencore reported a 9% YoY drop in copper output in the first quarter, due partly to maintenance at its Collahuasi copper mine in Chile.
SHFE 1507 copper contract prices started higher at RMB 45,850/mt Tuesday night and touched a high of RMB 46,360/mt, But the July-delivery copper fell slightly later with longs exiting the market and ended the session at RMB 46,060/mt, up RMB 360/mt, or 0.79%.
SHFE 1507 copper contract is expected to trade at RMB 45,800-46,500/mt on May 6. Spot copper may be offered between a discount of RMB 20/mt and a premium of RMB 70/mt to SHFE 1505 copper contract in Shanghai.