SHANGHAI, Nov. 2 (SMM) – LME copper started at USD 5,145/mt last Friday and once moved higher to USD 5,165/mt answering to Chinese stock market. But LME copper fell to a recent low of USD 5,104/mt during European and US trading hours before ending at USD 5,113/mt, down USD 16/mt. Positions grew but trading volumes decreased.
SHFE 1601 copper opened last Friday evening session at RMB 38,560/mt and lurched higher to RMB 38,720/mt. Later, the red metal fell to RMB 38,420/mt and closed at RMB 38,520/mt, off RMB 160/mt or 0.41%. Positions increased slightly by 9,366.
LME copper will move in USD 5,080-5,120/mt during Asian trading hours amid growing market risks. SHFE 1601 copper should range between RMB 38,000-38,500/mt on November 2. In China’s spot market, cargo holders intend to hold prices firm after the shift of most active SHFE copper contract. Spot discounts of RMB 0-60/mt are expected against SHFE 1511 copper.