SHANGHAI, May 19 (SMM) – LME copper prices tested a low of USD 6,352/mt and closed down USD 36/mt at USD 6,376/mt on Monday.
China’s National Bureau of Statistics estimates a 6.1% slide in new home sales prices in the 70 major cities during April, down for the eighth straight month. The NAHB reported the housing market index was at 54 in May, down from April’s 56, depressing construction market.
The euro slumped with concerns growing over the Greek debt issue, pushing up the US dollar index. London gold benefitted from risk aversion and ended at a high last seen in early February.
The Down and S&P 500 both hit new highs.
SHFE 1507 copper contract prices opened at RMB 45,960/mt for night session of Monday, and dipped to a low of RMB 45,680/mt before ending at RMB 45,780/mt, down by RMB 190/mt. Positions decreased 3,202 and trading volumes grew to about 120,000 lots. The rebound in the US dollar index and fallback in crude oil prices, as well as weaker-than-expected copper consumption weighed on copper prices.
SHFE 1507 copper contract is expected to trade at RMB 45,600-46,000/mt on May 19. Spot copper may be offered at premiums of RMB 40-140/mt to SHFE 1506 copper contract in Shanghai.