SHFE copper down, despite easing Sino-US trade tension
Dec 06, 2018 18:00
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The most-traded copper contract on the Shanghai Futures Exchange (SHFE), that for February delivery, lost another Yuan 440/tonne ($64/t) or 0.9% on day on December 6 to end the daytime session at Yuan 48,980/t and marking for the third consecutive daily decline. Market sources admitted that the bounce that Chinese copper prices had enjoyed recently thanks to improved trade environment couldn’t last long, given the weak fundamentals for the metal.
The cash settlement price of copper on London Metal Exchange (LME) also decreased for a second successive day on December 5, losing $116/t on day to close at $6,162/t.
“After the news spread on December 1 that China and the US had decided to stop imposing additional tariffs on each