SHANGHAI, Jun. 25 (SMM) – LME copper prices increased USD 180/mt Wednesday to end at USD 5,769/mt, with high-end price at USD 5,828/mt.
Although Greece’s international creditors did not accept new reform proposal of the country, EU officials said the talks have not broken down. European and US shares dropped.
EIA reported decline in crude oil inventories but an increase in finished oil stocks, causing oil prices to surrender gains.
The most active SHFE copper contract opened at RMB 42,290/mt Wednesday night and rose to RMB 42,360/mt. However, the prices then soon fell back with longs cutting positions and stabilized around RMB 41,600/mt before ending the session at RMB 41,970/mt, off by RMB 60/mt. Notably, the price once touched a low of RMB 41,000/mt due to a mistake in placing order. SHFE 1508 copper contract positions shed 8,632 while trading volumes grew to 220,000 lots.
SHFE 1508 copper contract may trade at RMB 41,600-42,200/mt on June 25. Spot copper may be offered at premiums of RMB 190-250/mt to SHFE 1507 copper contract.