SHANGHAI, Jul. 29 (SMM) – LME copper prices rose to USD 5,333/mt at one point Tuesday and ended at USD 5,308/mt, a rise of USD 112/mt.
However, CFTC report indicated continued net short bets in COMEX copper in the week ending July 21.
Investors booked profits before the FOMC meeting, and the resumption of operation at Greek banks allowed European and US shares to rebound, giving a boost to base metals.
Crude oil prices leveled out following a four-day losing streak.
SHFE 1510 copper contract started higher at RMB 38,190/mt for night trading Tuesday and soon rose to RMB 38,930/mt and closed at RMB 38,690/mt, up RMB 840/mt. Positions decreased 5,400 and trading volumes were about 180,000 lots.
SHFE 1510 copper contract prices are expected to move at RMB 38,200-38,800/mt on July 29. Growing imported copper supply will continue to pressure premiums to RMB 200-320/mt.