SHANGHAI, Jun. 24 (SMM) – LME copper rose to USD 5,788/mt during European hours Tuesday and finally ended at USD 5,752/mt, up USD 97/mt.
Expectation that the Greece may reach a deal with its creditors and China’s improved manufacturing PMI allowed European and US stocks to rise Tuesday. Meanwhile, crude oil prices increased 1% as forecast for oil supply was slashed. However, US dollar strengthened after Fed’s Jerome Powel said the US recovery may allow an interest rate hike in September at earliest.
The most active SHFE copper contract opened at RMB 41,890/mt Tuesday night and grew rapidly to RMB 42,150/mt before ending the session at RMB 42,020/mt, up RMB 160/mt. SHFE 1508 copper contract positions dropped 7,956 and trading volumes were around 120,000 lots.
SHFE 1508 copper contract may trade at RMB 41,900-42,300/mt on June 24. Spot copper may be offered at premiums of RMB 240-300/mt to SHFE 1507 copper contract.