Shanghai copper prices slide further as China’s equities slump, dollar gains

Shanghai Futures Exchange copper prices slid further on Monday June 25 as China’s equities markets slumped while the safe-haven US dollar rebounded.

Shanghai Futures Exchange copper prices slid further on Monday June 25 as China’s equities markets slumped while the safe-haven US dollar rebounded.

SHFE October copper settled at 54,170 yuan ($8,549) per tonne, down 130 yuan from the previous session. It went to as low as 53,620 yuan per tonne in the afternoon session, the lowest level since June 14.

Positions for all copper contracts on the SHFE increased again, by 11,902 lots, to 591,268 lots on Monday.

“As positive news is lacking on the global macro front, copper is consolidating in a down market,’’ Yu Meilin, an analyst at Jintai Futures said from Nanjing. “SHFE copper has come to the 54,000-yuan resistance level.’’

Chinese equities slumped on Monday, with the Shanghai Composite Index closing at a five-month low of 2,224.11 points.

The US dollar index posted an intra-day high of 82.50 as a global slowdown sapped risk appetite.

On the Changjiang Nonferrous Metals Market, copper traded at 55,220-55,320 yuan per tonne, down 130 yuan compared with the previous session.

October aluminium settled at 15,550 yuan per tonne, down 70 from the previous session. Aluminium spot prices decreased 110 yuan to 15,600-15,640 yuan per tonne for the session.

August lead settled at 14,810 yuan per tonne, down 120 yuan from the previous session. Lead spot prices were down 75 yuan, at 14,900-15,050 yuan per tonne.

October zinc slipped 0.9% from the previous session to settle at 14,585 yuan per tonne. Zinc spot prices were down 100 yuan at 14,600-14,650 yuan.

What to read next
Following a six-week consultation period, Fastmarkets can confirm it will amend the calculation method for all the average functions on the Fastmarkets platform from Wednesday March 1, 2023.
Consolidation, the recycling of electric vehicle batteries, US steel exports and the benefits of sustainable steelmaking were key talking points at Fastmarkets’ Scrap & Steel 2023 conference in Dallas in January
Green shoots of increased demand will emerge in US ferrous markets courtesy of the Biden administration’s trillion-dollar infrastructure package in 2023, Schnitzer’s executive vice president and chief strategy officer Richard Peach said at Fastmarkets’ Steel and Scrap Conference 2023 in Dallas, Texas
US special bar quality steel prices rose in January in line with rising scrap and alloy costs, according to market participants
European metal industry association Eurometaux has called on the European Commission to follow the lead shown by the Inflation Reduction Act and deliver a “powerful” policy to support the industry in the EU while it tries to keep up with the move to a new generation of energy markets
The fallout from Russia’s invasion of Ukraine is changing global trade flows for bauxite, with Brazilian material once again flowing into China and with the introduction of export restrictions elsewhere likely to influence availability through 2023
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.