SHANGHAI, May 27 (SMM) – LME copper prices once fell below USD 6,100/mt Tuesday and ended down USD 65/mt at USD 6,117/mt, with the US dollar index up more than 1% and New York crude prices down 2.8%. London gold posted a 1.4% fall.
US consumer confidence index and durable goods orders were reported positive. Meanwhile, concern over Greek default grew, driving a rally in the US dollar.
SHFE most active copper contract prices opened lower for the night session Tuesday and once fell by the daily limit to RMB 42,030/mt. The prices ended the night trading at RMB 44,130/mt, off RMB 590/mt. Positions increased 14,810 and trading volumes were about 130,000 lots.
SHFE 1508 copper contract should trade at RMB 44,000-44,400/mt on May 27. Spot prices will be weighed down by increasing supply. Spot copper may be quoted between a discount of RMB 50/mt and a premium of RMB 20/mt to SHFE 1506 copper contract in Shanghai.