SHANGHAI, Nov. 4 (SMM) – LME copper dived to USD 5,095/mt after opening at USD 5,120/mt overnight. However, LME copper later rebounded to USD 5,179/mt, to end at USD 5,162.5/mt, up USD 42.5/mt.
Market sentiment eased following the release of whole contents of China’s 13th five-year plan. Besides, crude oil prices surged 4%.
SHFE 1601 copper started at RMB 38,480/mt Tuesday night and then fell to RMB 38,240/mt with closing prices down RMB 40/mt or 0.10% at RMB 38,460/mt. Positions increased 10,520 and trading volumes were around 136,000 lots.
US direction and crude oil prices are major drive for copper prices. But worries about Chinese economy slowdown ease. LME copper will move in USD 5,130-5,175/mt during Asian trading hours. SHFE 1601 copper should range between RMB 38,300-38,700/mt on November 14. Spot discounts of RMB 20-80/mt are expected against SHFE 1511 copper.