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SMM Copper Market Morning Review (2015-6-16)

iconJun 16, 2015 10:02
Source:SMM
LME copper prices dipped to a low of USD 5,777/mt Monday and closed down USD 88/mt at USD 5,827/mt.

SHANGHAI, Jun. 16 (SMM) – LME copper prices dipped to a low of USD 5,777/mt Monday and closed down USD 88/mt at USD 5,827/mt.

Concern over Greek default grew after talks between Athens and its lenders broke down on Sunday night. The Greece’s Athex Composite Index slumped 4.7% to end at 738.25. European stock market also plunged 1.6%. The US manufacturing data turned out disappointing, dragging the US dollar index below 95.

COMEX reported net short positions were 13,382 in copper.

SHFE 1508 copper contract prices opened at RMB 42,120/mt for night trading Monday and closed down RMB 310/mt at RMB 42,210/mt regardless of a weaker dollar. Positions decreased 1,720 and trading volumes were about 100,000 lots.

SHFE 1508 copper contract may trade at RMB 42,000-42,300/mt on June 16. Spot copper may be offered at premiums of RMB 80-140/mt to SHFE 1507 copper contract.
 

copper prices london metal exchange
SHFE night trading

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