SHANGHAI, May 18 (SMM) – LME copper prices closed last Friday up USD 14/mt at USD 6,411/mt.
The US industrial production dropped for the fifth month in April, while the University of Michigan consumer confidence index in May plunged. The pullback in the US dollar index helped offset the impact from concerns over copper market fundamentals.
SHFE 1507 copper contract prices opened at RMB 45,850/mt for night session last Friday, and dipped to a low of RMB 45,750/mt. The prices then climbed to RMB 46,040/mt to end the session at RMB 45,970/mt, up RMB 40/mt. Positions increased 942 and trading volumes remained below 100,000 lots.
SHFE 1507 copper contract is expected to trade at RMB 45,700-46,100/mt on May 15. Spot copper may be offered at premiums of RMB 30-100/mt to SHFE 1506 copper contract in Shanghai.