SHANGHAI, Jun. 30 (SMM) – LME copper prices touched a high of USD 5,838/mt Friday boosted by shorts unwinding positions, but then fell back as growing concerns over Greek debt issue dragged down global stocks. LME copper ended up USD 5/mt at USD 5,797/mt.
The European Central Bank refused Greece’s request for a EUR 6 billion emergency aid, and Greek government also said it would not repay to IMF Tuesday, fueling worries about the issue.
SHFE 1509 copper contract opened at RMB 42,340/mt and rose to RMB 42,470/mt but then fell quickly to RMB 42,250/mt before finishing the session at RMB 42,250/mt, up RMB 70/mt. SHFE 1509 copper contract positions grew 6,340 and trading volumes were about 104,000 lots.
SHFE 1509 copper contract may trade at RMB 42,000-42,500/mt on June 30. Spot copper may be offered at premiums of RMB 230-280/mt to SHFE 1507 copper contract.