SHANGHAI, Jun. 1 (SMM) – LME copper prices fell USD 90/mt last Friday to end at USD 6,018/mt.
In the US, the Chicago manufacturing PMI fell sharply in May with new order index posting the biggest decline. US shares fell across the board. The higher crude oil prices failed to drive up base metals which suffered selling pressures.
SHFE 1508 copper contract prices started at RMB 44,010/mt during the night session last Friday and once fell to RMB 43,570/mt. The prices finished the session with a loss of RMB 480/mt at RMB 43,680/mt. Positions grew 6,052 and trading volumes were about 170,000 lots. The SHFE/LME copper price ratio continued to rise to 7.26. SHFE copper stocks fell more slowly last week, indicating that the peak season is coming to an end.
SHFE 1508 copper contract should trade at RMB 43,400-44,000/mt on June 1. Spot copper may be quoted at premiums of RMB 0-70/mt to SHFE 1506 copper contract in Shanghai.