SMM Copper Market Morning Review (2015-5-26)

SHANGHAI, May 26 (SMM) – LME was closed Monday for bank holiday. SHFE 1507 copper contract prices started higher at RMB 44,760/mt for Monday’s night session and rose to RMB 45,060/mt as shorts closed positions. The prices stabilized later and finished the session with a 0.96% gain at RMB 45,060/mt. Positions decreased 926 and trading volumes were only about 50,000 lots.

SHFE 1507 copper contract should trade at RMB 44,600-45,100/mt on May 26. Spot copper may be quoted at premiums of RMB 0-70/mt to SHFE 1506 copper contract in Shanghai.