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The most-active July copper contract on the SHFE traded at 50,990 yuan ($8,011) per tonne as at 11.01am Shanghai time, down 220 yuan per tonne from Tuesday’s close. Around 161,000 lots of the contract have changed hands so far this morning.
The recent increase in stock levels at exchange-listed warehouses continued to put a lid on SHFE copper prices, industry watchers noted.
Investors remain cautious amid mixed April Chinese economic data and increase in LME copper stocks, China’s Ruida Futures said late on Tuesday.
Copper inventories in SHFE warehouses rose for a second consecutive week in the week ended May 11, reaching a total of 279,525 tonnes. Stocks in London Metal Exchange warehouses increased a net 10,275 tonnes over the past two days to a total of 291,350 tonnes on Tuesday.
On Tuesday, Chinese economic data had come in mixed. China’s fixed asset investment grew at 7% for January-April, below expected growth of 7.4%, while April retail sales gained 9.4%, also below forecasts of a 10% increase. April industrial production, however, surprised on the upside with growth of 7% – 6.4% had been called for.
Meanwhile, after being in a downtrend since May 10, the dollar index rebounded and surged to as high as 93.46 on Tuesday – the highest since December 22, 2017 – on the back of positive US data – see data section below.
“US data releases were solid, implying the economy is accelerating in the early stages of the second quarter,” ANZ Research said on Wednesday.
Base metals prices
Currency moves and data releases