SMM Copper Market Morning Review (2015-6-26)

SHANGHAI, Jun. 26 (SMM) – LME copper prices inched down USD 10/mt Thursday to end at USD 5,760/mt.

The US consumer spending in May registered a biggest rise in six years, a reflection of continued recovery in the US economy. US initial jobless claims were lower than expected. However, markets showed lukewarm reaction to the positive data.

Greek debt issue remained unresolved and crude oil extended losses.

SHFE 1509 copper contract became the most active contract Thursday night and started at RMB 41,800/mt. The prices then moved widely and touched a low of RMB 41,560/mt, but rose back later to finish the session at RMB 41,840/mt, down RMB 20/mt. SHFE 1509 copper contract positions grew 7,530.

SHFE 1508 copper contract may trade at RMB 41,700-42,000/mt on June 26. Spot copper may be offered at premiums of RMB 220-250/mt to SHFE 1507 copper contract.