SHANGHAI, Jul. 16 (SMM) – LME copper price increased during European and US hours Wednesday but gave back the gains during Asian hours as Chinese stocks slumped again. The price closed down USD 41/mt to USD 5,544/mt.
The Fed’s Chair Janet Yellen reiterated that chances remain for interest rate hike this year, driving down the US shares and boosting the dollar.
SHFE 1509 copper contract started at RMB 40,670/mt for night trading Wednesday and fell to a session low of RMB 40,260/mt before ending down RMB 170/mt at RMB 40,290/mt. Positions grew 3,576 and trading volumes were about 210,000 lots.
SHFE 1509 copper contract prices are expected to move at RMB 40,000-40,700/mt on July 16. Spot copper will be offered at premiums of RMB 180-250/mt to SHFE 1508 copper contract.