SHANGHAI, May 15 (SMM) – LME copper prices failed to gain impetus from continued rebound in NYMEX gold and closed down USD 27/mt to end at USD 6,398/mt on Thursday.
The US dollar index continued to fall after Fed’s former Vice Chair killed the possibility of a June interest rate hike.
Nasdaq ended 1.39% higher, and Shanghai Composite Index rose by 0.06%. NYMEX gold for June delivery grew USD 7/oz to end at USD 1,225.2/oz.
China’s refined copper production was reported down to the lowest in a year, which may help bolster copper prices
SHFE 1507 copper contract prices opened at RMB 46,000/mt Thursday night, and tested a low of RMB 45,770/mt before ending at RMB 45,560/mt, down RMB 80/mt. Positions increased 6,130 and trading volumes dropped below 100,000 lots.
SHFE 1507 copper contract is expected to trade at RMB 45,600-46,100/mt on May 15. Spot copper may be offered at premiums of RMB 20-100/mt to SHFE 1505 copper contract in Shanghai.