SHANGHAI, Jul. 17 (SMM) – LME copper price remained largely stable Thursday and closed at USD 5,545/mt.
The US dollar index increased, but Greek parliament approved a strict austerity measure and secured EUR 7 billion of aids, easing market concerns.
SHFE 1509 copper contract opened at RMB 40,430/mt for night trading Thursday and moved between RMB 40,360-40,560/mt before finishing the session up RMB 50/mt at RMB 40,480/mt. Positions grew 384and trading volumes were about 136,000 lots.
In other news, China’s copper output was reported at a six-month high in June.
SHFE 1509 copper contract prices are expected to move at RMB 40,100-40,800/mt on July 17. Spot copper will be offered at premiums of RMB 180-250/mt to SHFE 1508 copper contract.