SHANGHAI, Jun. 12 (SMM) – LME copper prices touched a low of USD 5,861/mt Thursday and closed down USD 142/mt, or 2.4%.
China’s industrial added value in May was reported up 6.1%, but the fixed asset investment grew at the slowest pace in 15 years. Weak data drove down base metals prices.
The US retail sales were reported up sharply, and initial jobless claims released yesterday matched estimates, allowing the US dollar index to rise back.
SHFE 1508 copper contract prices started RMB 500/mt lower at RMB 42,990/mt Thursday night and dipped to a low of RMB 42,990/mt before ending the session at RMB 42,670/mt, shedding RMB 890/mt or RMB 2.04%. Positions increased 8,796 and trading volumes grew to about 200,000 lots.
SHFE 1508 copper contract may trade at RMB 42,500-43,000/mt on June 12. Spot copper premiums should narrow to RMB 0-50/mt with growing supply.