Noted today a **promotion blocked** news report on rising copper price.
Not having any luck on the posting below on the RXM thread with regard to the news item apparently originating from Reuters today.
Any feedback for the rationale for the difference in LME price quoted and the Shanghai Futures copper price.
Time factor maybe?
"**promotion blocked** News
MELBOURNE, Sept 7 (Reuters) - London copper edged back towards three-year highs on Thursday as the dollar lost ground against the euro ahead of a European Monetary policy meeting later, while a brighter outlook for global manufacturing growth underpinned prices.
FUNDAMENTALS
* LME COPPER: London Metal Exchange copper edged up 0.3 percent to $6,924 a tonne by 0142 GMT, having closed flat in the previous session. Prices on Tuesday hit the highest since September 2014 at $6,970 a tonne amid a global expansion in manufacturing activity.
* SHFE COPPER: Shanghai Futures Exchange copper traded little changed at 53,150 yuan ($8,146) a tonne."
If my calculating is correct the LME price is $3.0991 lb and the SFE price is $3.6366 lb so I wonder if the Shanghai futures players know more than we do.
Can anyone help please?
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