SHANGHAI, Jul. 24 (SMM) – LME copper prices dropped USD 101/mt to USD 5,256/mt on Thursday.
US initial jobless claims fell to a 40-year low in the week ending July 18, but the US dollar index dropped as investors booked profits before the Fed’s policy meeting. US shares fell sharply and crude oil futures fell below USD 50/mt, depressing metal markets.
SHFE 1510 copper contract opened at RMB 38,800/mt Thursday night and ended the night session down RMB 620/mt. Positions grew 5,742 and trading volumes were 110,000 lots.
SHFE 1510 copper contract prices are expected to move at RMB 37,800-38,800/mt on July 24. Spot copper will be offered at premiums of RMB 280-300/mt to SHFE 1508 copper contract.