SHANGHAI, Jul. 20 (SMM) – LME copper price dipped to USD 5,458/mt at one point last Friday due to rising US dollar index and closed down USD 64/mt at USD 5,482/mt. LME copper stocks hit 340,325 mt last Friday, up nearly 90% compared with January.
The US CPI grew for a fifth month straight in June, raising expectation for an interest rate hike this year. The US dollar index climbed to about 98 in response. Crude oil prices remained weak.
SHFE 1509 copper contract opened at RMB 40,070/mt for night trading last Friday and hit a low of RMB 39,920/mt. The prices finished the session at RMB 40,090/mt, losing RMB 380/mt. Positions grew 1,132 and trading volumes 139,000 lots.
SHFE 1509 copper contract prices are expected to move at RMB 39,800-40,500/mt on July 20. Spot copper will be offered at premiums of RMB 220-280/mt to SHFE 1508 copper contract.