SHANGHAI, Jun. 17 (SMM) – LME copper prices extended losses on Tuesday and ended down USD 77/mt at USD 5,750/mt.
LME and SHFE copper inventories fell more slowly, a reflection of weaker demand.
US housing starts missed forecasts in April. In Europe, investors were leaving bond markets of peripheral countries due to concern over the Greek debt issue.
SHFE 1508 copper contract prices started at RMB 42,050/mt for night trading Tuesday and dipped to a low of RMB 41,730/mt before closing at RMB 41,770/mt, down RMB 400/mt. Positions increased 2,142 and trading volumes were about 110,000 lots.
SHFE 1508 copper contract may trade at RMB 41,600-41,900/mt on June 17. Spot copper may be offered at premiums of RMB 120-170/mt to SHFE 1507 copper contract.