SHANGHAI, May 29 (SMM) – LME copper prices tested a low of USD 6,080/mt and ended with a USD 10/mt rise at USD 6,108/mt, as the US dollar index dropped marginally.
The US initial jobless claims released Thursday fell short of forecast, causing the US dollar index to fall.
SHFE 1508 copper contract prices started at RMB 44,130/mt during the night session Thursday and ended at RMB 44,100/mt, down RMB 30/mt, with the high-end price at RMB 44,220/mt and session low at RMB 43,970/mt. Positions grew 3,382 and trading volumes were about 110,000 lots.
SHFE 1508 copper contract should trade at RMB 43,900-44,300/mt on May 29. Spot copper may be quoted between a discount of RMB 10/mt and a premium of RMB 40/mt to SHFE 1506 copper contract in Shanghai.