SMM Copper Market Morning Review (2015-5-8)

SHANGHAI, May 8 (SMM) – LME copper followed a weak trend Thursday with the US dollar index up and crude oil prices down slightly. LME copper prices dropped to USD 6,372/mt at one point and closed at USD 6,385/mt, down USD 30/mt.

SHFE 1507 copper contract prices opened at RMB 45,910/mt Thursday night and closed down RMB 50/mt at RMB 45,830/mt, with a session high seen at RMB 46,050/mt and low-end price at RMB 45,780/mt. China’s foreign trade data and the US nonfarm payroll data will be released today.

SHFE 1507 copper contract is expected to trade at RMB 45,600-46,000/mt on May 7. Spot copper may be offered between a discount of RMB 20/mt and a premium of RMB 40/mt to SHFE 1505 copper contract in Shanghai.