SHANGHAI, Oct. 15 (SMM) – LME copper opened at USD 5,239.5/mt overnight and then tested a low of USD 5,230/mt. Near session’s end, LME copper jumped thanks to softer dollar and ended USD 56/mt higher at USD 5,306/mt. Positions increased 3,038 to 306,221. LME copper inventories have dropped below 297,175 mt.
SHFE 1512 copper opened higher at RMB 39,750/mt for night trading Wednesday in response to LME copper. The contract fell to test RMB 39,720/mt but later shot up to RMB 39,980/mt, to close at RMB 39,940/mt, gaining RMB 230/mt or 0.58%. Positions increased 1,570 to 232,310 and trading volumes were around 160,000 lots.
On the back of weaker dollar, LME copper will move in USD 5,280-5,330/mt during Asian trading hours. SHFE 1512 copper should range between RMB 39,850-40,200/mt on October 15. In China’s spot market, today is the last trading day for SHFE 1510 copper, spot premiums of RMB 20-80/mt is expected over SHFE 1510 copper.
