SHANGHAI, May 12 (SMM) – China’s interest rate cut rekindled concerns over economic growth. Meanwhile, US shares closed down as many investors booked profits after the rally. LME copper prices ended down USD 12/mt at USD 6,380/mt.
SHFE 1507 copper contract prices vacillated between RMB 45,600-45,830/mt after opening at RMB 45,690/mt Monday night, and ended the session down RMB 80/mt at RMB 45,700/mt. Positions declined 996 and trading volumes were less than 100,000 lots. China’s consumption and investment data will be reported today.
SHFE 1507 copper contract is expected to trade at RMB 45,500-46,000/mt on May 12. Spot copper may be offered at premiums of RMB 0-60/mt to SHFE 1505 copper contract in Shanghai.