SHANGHAI, Aug. 4 (SMM) – LME copper prices dipped to a fresh six-year low of USD 5,142/mt Monday, and closed down USD 32/mt at USD 5,192/mt.
China’s poor manufacturing data and stock price decline hurt commodity markets. Meanwhile, US shares fell across the board due to weak consumption and manufacturing figures, but the US dollar index fluctuated up as plunging Greek stocks caused the euro to weaken. US crude oil prices slumped 4%.
SHFE 1510 copper contract started at RMB 37,840/mt for Monday’s night session and hit a low of RMB 37,710/mt. The most active contract rallied later after shorts left the market and rose to RMB 38,190/mt before ending the session at RMB 38,050/mt, down by RMB 150/mt. Positions decreased 8,054, and trading volumes were about 174,000 lots.
SHFE 1510 copper contract may trade at RMB 37,800-38,300/mt on August 3. Spot copper will be offered between a discount of RMB 50/mt and a premium a RMB 20/mt to SHFE 1508 copper contract.