SHANGHAI, Oct. 27 (SMM) – LME copper started at USD 5,158/mt overnight and moved higher to USD 5,240/mt thanks to Chinese stock rally. But later LME copper fell back due to stronger dollar and ended at USD 5,188/mt, up by USD 8/mt. Trading volumes fell almost half.
SHFE 1512 copper opened Monday evening session at RMB 39,120/mt and drifted lower to RMB 38,990/mt and moved around RMB 39,050/mt before closing down RMB 80/mt or 0.20% at RMB 39,040/mt.
US dollar fell slightly owing to poor reading of US new home sales and markets focus on US Fed’s October policy meeting. Worries about crude oil oversupply drove down crude oil prices, depressing base metals.
LME copper will move in USD 5,160-5,220/mt during Asian trading hours. SHFE 1512 copper will range between RMB 38,800-39,300/mt on October 27. Cargo holders show little interest late October in China and thus spot copper should trade between discounts of RMB 50/mt and premiums of RMB 20/mt.