SHANGHAI, May 11 (SMM) – LME copper tested a low of USD 6,335/mt last Friday and ended at USD 6,391/mt, up USD 7/mt, with trading volumes down.
Investors continued to ponder poor trade data from China last Friday. In the US, nonfarm payrolls in April rebounded, but March’s weak figures were revised lower. The mixed job data caused the US dollar index to consolidate. US shares rose across the board.
In other news, Conservative party in UK won the election.
SHFE 1507 copper contract prices opened at RMB 45,860/mt Friday night and closed up RMB 20/mt at RMB 45,910/mt, with a session high seen at RMB 46,030/mt and low-end price at RMB 45,660/mt. Positions declined 56 and trading volumes were around 130,000 lots. Although China announced an interest rate cut again, the frequent monetary easing also suggests industrial enterprises were still facing tight cash.
SHFE 1507 copper contract is expected to trade at RMB 45,600-46,200/mt on May 11. Spot copper may be offered between a discount of RMB 20/mt and a premium of RMB 50/mt to SHFE 1505 copper contract in Shanghai.