SHANGHAI, May 14 (SMM) – LME copper prices rose by USD 4/mt to end at USD 6,425/mt on Wednesday, with the US dollar index down to a three-month low of 93.461.
In China, the industrial added value increased 5.9% YoY in April, and consumer goods retail sales grew 10%, the slowest growth since February 2006. Fixed-asset investment January-April only rose by 12%, a low last seen in December 2000. The poor data continued to fuel expectation for growth-fanning measures.
In the US, the retail sales were flat in April, a sign that rebound in its economy was still not strong enough. Crude oil prices fell after initial rises due to oversupply pressure.
SHFE 1507 copper contract prices opened slightly lower at RMB 46,180/mt Wednesday night, and fluctuated down to RMB 45,860/mt. The prices ended the night session at RMB 46,020/mt, down RMB 60/mt. Positions dropped 2,642 and trading volumes were about 135,000 lots.
SHFE 1507 copper contract is expected to trade at RMB 45,700-46,300/mt on May 14. Spot copper may be offered at premiums of RMB 30-100/mt to SHFE 1505 copper contract in Shanghai.