SHANGHAI, Aug. 5 (SMM) – On Monday, Germany’s new car sales were reported up sharply in July, and the euro zone PPI rose for the first time this year. However, the euro continued to weaken.
The United Nation lowered its forecast for growth in the Latin America this year, but market sentiment picked up some after the news that Portugal’s Banco Espirito Santo has secured financial aid.
The US stocks regained some losses on Monday after the S&P 500 posted its biggest fall in two years last week. Besides, Chinese shares hit a nearly eight-month high, allow base metals to close higher. LME copper prices finished the day up USD 65/mt at USD 7,141/mt.
SHFE 1410 copper contract prices opened at RMB 50,510/mt during Monday’s night trading, and then moved around RMB 50,600/mt before closing at RMB 50,580/mt, up RMB 300/mt. Resistance formed at RMB 50,650/mt. Traded volumes for the most active SHFE copper contract edged up to 100,000 lots, while positions fell by 1,530 lots.
On August 4, SHFE 1410 copper contract should trade at RMB 50,200-50,800/mt. Spot copper may be quoted at discounts of RMB 0-80/mt against SHFE 1408 copper contract prices.