SHANGHAI, Oct. 30 (SMM) – LME copper started at USD 5,210/mt overnight and lurched down all the way and moved at lows around USD 5,120/mt near session’s end, to close at a low of USD 5,129/mt, down USD 61/mt. Positions posted a rise but trading volumes fell. LME copper inventories still dropped.
SHFE 1601 copper hovered around RMB 38,750/mt after starting at RMB 38,790/mt on Thursday night. The contract moved lower to RMB 38,590/mt with closing prices down RMB 360/mt or 0.92% at RMB 38,600/mt. Positions were up 572.
US GDP figures and existing home sales released last night were downbeat, weighing down US dollar. And crude oil prices seek support from seasonal growth in demand. Details of the 5th Plenary Session of the 18th Central Committee of the CPC will come under spotlight gradually. Investors will stay wary ahead of weekend and the end of the month. LME copper will move in USD 5,120-5,170/mt during Asian trading hours. SHFE 1512 copper will range between RMB 38,550-38,850/mt on October 30. Spot discounts of RMB 30-90/mt are expected against SHFE 1511 copper.