SHANGHAI, Jun. 18 (SMM) – LME copper prices remained range-bound during European and US hours Wednesday as investors waited Janet Yellen’s remarks following Fed’s meeting. LME copper ended the day at USD 5,746/mt, down by USD 4/mt.
The Fed announced to leave interest rate unchanged after the meeting but admitted that labor market is on the mend and economy is growing mildly, compared with the slower growth noted after May’s policy meeting.
SHFE 1508 copper contract prices started at RMB 41,940/mt for night trading Wednesday and fell to RMB 41,620/mt before closing at RMB 41,670/mt, down RMB 190/mt. Positions decreased 2,604 and trading volumes were only about 90,000 lots.
SHFE 1508 copper contract may trade at RMB 41,500-42,000/mt on June 18. Spot copper may be offered at premiums of RMB 150-200/mt to SHFE 1507 copper contract.