SHANGHAI, Jul. 15 (SMM) – LME copper price tested a low of USD 5,515/mt before ending at USD 5,585/mt.
Conclusion of Iranian nuclear talk raised expectation that the country will ramp up oil exports. However, analysts believe it may take several months before these exports enter the global market. Thus, crude prices bounced back.
SHFE 1509 copper contract started at RMB 40,310/mt for night trading Tuesday and dropped to RMB 40,130/mt. The price then rose to RMB 40,550/mt and ended at RMB 40,450/mt, up RMB 20/mt. Positions increased 44 and trading volumes were about 140,000 lots.
Markets should be cautious today before China’s economic releases and Janet Yellen’s semi-annual testimony.
SHFE 1509 copper contract may trade at RMB 40,100-40,800/mt on July 15. Spot copper will be offered at discounts of RMB 100-200/mt to SHFE 1507 copper contract.