SHANGHAI, Nov. 12 (SMM) – LME copper opened at USD 4,931/mt overnight and hovered around USD 4,397/mt. But later LME copper dipped to USD 4,885/mt due to China’s poor industrial output and investment data and closed at USD 4,926/mt, down USD 9/mt.
SHFE 1601 copper started at RMB 37,170/mt for night trading Wednesday and moved around RMB 37,300/mt. The red metal touched a high of RMB 37,500/mt before ending at RMB 37,380/mt, gaining RMB 50/mt. Positions declined 9,028 to 208,518 and trading volumes were around 209,000 lots.
Economic figures from China released on Wednesday are mixed. LME copper will move in USD 4,900-4,950/mt due to technical correction during Asian trading hours. SHFE 1601 copper will range between RMB 37,100-37,600/mt on Nov. 12. Spot premiums of RMB 10-70/mt are expected over SHFE 1511 copper.