SHANGHAI, Jul. 2 (SMM) – The ADP US job data for June and May building spending released Wednesday exceeded forecast, and the June ISM manufacturing data hit a five-month high. The US shares rebounded in response. However, Greece failed to repay the IMF, rekindling concern over Greek exit from the euro zone. LME copper treaded water and closed up USD 21/mt at USD 5,783/mt.
US crude oil inventory data were higher than expected, driving a decline in oil prices.
SHFE 1509 copper contract opened at RMB 41,980/mt and remained low at RMB 41,890/mt. The prices once rose above the 20-day moving average to RMB 42,490/mt but then edged lower to end at RMB 42,230/mt, up RMB 280/mt. SHFE 1509 copper contract positions shrank by 860 and trading volumes were about 140,000 lots.
SHFE 1509 copper contract may trade at RMB 42,100-42,400/mt on July 2. Spot copper may be offered at premiums of RMB 240-280/mt to SHFE 1507 copper contract with bullish cargo holders quoting high.