SHANGHAI, Nov. 16 (SMM) – LME copper opened at USD 4,823/mt last Friday and dived to USD 4,787.5/mt before ending at USD 4,809.5/mt, down USD 31.5/mt or 0.65%.
Soft GDP figure in euro zone issued last weekend increased the possibility of QE expansion by the European Central Bank. US dollar grew modestly amid mixed US data. Crude oil prices tumbled 2% last Friday and totally slumped 8% last week.
SHFE 1601 copper started last Friday night session at RMB 36,490/mt and moved lower to RMB 36,180/mt, to close at RMB 36,340/mt, down RMB 140/mt or 0.38%. Positions were up 3,054 to 338,014 and trading volumes were around 195,000 lots.
Amid risk aversion in market, LME copper will move between USD 4,790-4,840/mt during Asian trading hours. SHFE 1601 copper should range between RMB 36,100-36,500/mt on November 16. SHFE 1511 copper will be delivered today and spot premiums of RMB 0-110/mt are expected over SHFE 1511 copper.