SHANGHAI, Jul. 23 (SMM) – The market lacked solid macroeconomic news last evening. But falling commodity prices weighed down base metals. LME copper price closed down USD 97/mt or 1.78% at USD 5,456/mt.
SHFE 1509 copper contract prices opened at RMB 39,150/mt Wednesday evening, then hovered around RMB 39,280/mt, with the low-end of the price range at RMB 389,404/mt, and closed at RMB 39,050/mt, down RMB 600/mt or 1.51%. Trading volumes were 160,000 lots, and total positions increased 7,016. SHFE 1510 copper contracts are expected to become the most actively traded contracts today. Declines in SHFE copper contract price should slow.
LME copper price should fluctuate between USD 5,320-5,400/mt during Asian trading session on market reticence. SHFE 1509 copper contract price should fall further to RMB 38,700-39,300/mt. The price spread between SHFE 1507 and 1508 copper contracts did not widen, with spot premiums expected to be RMB 250-330/mt.