SHANGHAI, Jun. 19 (SMM) – LME copper prices remained stable Thursday and closed at USD 5,748/mt. The US dollar index dipped before a rebound, and Nasdaq hit a new high.
China’s home prices were reported up in May, indicating improvement in housing market. The US inflation data were worse than expected, but the initial jobless claims beat forecast.
SHFE 1508 copper contract prices started at RMB 42,080/mt for night trading Thursday and fell to RMB 41,780/mt at one point. The prices ended the session at RMB 41,910/mt, down RMB 10/mt. Positions decreased 2,050 and trading volumes were about 130,000 lots.
SHFE 1508 copper contract may trade at RMB 41,700-42,200/mt on June 19. Spot copper may be offered at premiums of RMB 240-280/mt to SHFE 1507 copper contract.