SMM Copper Market Morning Review (2015-6-23)

SHANGHAI, Jun. 23 (SMM) – LME copper prices mainly stayed at USD 5,640-5,690/mt last Friday and closed at USD 5,655/mt, down by USD 12/mt.

Official of the European Central Bank said the central bank has raised ELA to Greek banking system from EUR 85.9 billion to EUR 87.8 billion, driving a 9.84% surge in Greek stocks. Expectation that Greece may reach a deal with its creditors boosted European and US stock markets, and Nasdaq hit a new high. However, base metal markets remained range-bound due to cautious trading and the arrival of China’s Dragon Boat Festival.

Trading on SHFE was suspended Friday night.

SHFE 1508 copper contract may trade at RMB 41,400-41,800/mt on June 23. Spot copper may be offered at premiums of RMB 250-280/mt to SHFE 1507 copper contract.