MB:Chinese buyers pick level to buy LME copper as arb opens
Strong buying in Asian markets helped copper prices bounce back to almost $8,900 per tonne in pre-market trading on the London Metal Exchange on Thursday, as the opening arbitrage between the LME and the Shanghai Futures Exchange attracted buyers
Strong buying in Asian markets helped copper prices bounce back to almost $8,900 per tonne in pre-market trading on the London Metal Exchange on Thursday, as the opening arbitrage between the LME and the Shanghai Futures Exchange attracted buyers. “Before the Shanghai open, there were 1,800 lots traded in the first hour; just 30 minutes later, it was up to 5,500 lots.” a broker said. “The initial buying knocked the arbitrage into very attractive levels so the arb traders all started buying it too. Chinese buyers have been encouraged by big moves in the Chinese domestic currency over the past two days. The yuan fell below...
