SHANGHAI, Aug. 22 (SMM) – LME three-month copper closed at USD 7,027/mt on Thursday, up USD 9/mt, making it the only base metal ending higher for the day.
Data from China and the euro zone were disappointing, but above-expected pending home sales, manufacturing data and jobless claims in the US allowed the US stocks to rise further. The S&P 500 extended a four-day winning streak. Besides, the US dollar index fell on waning risk aversion and receding expectation for an interest rate hike. Gold prices, however, fell by another 1.5%.
SHFE 1410 copper contract prices opened at RMB 50,250/mt for Thursday’s night session. The SHFE copper for October delivery closed the session at RMB 50,390/mt, up RMB 280/mt. Traded volumes for the most active SHFE copper contract held up at 200,000 lots, and positions increased 4,642 lots.
On August 22, SHFE 1410 copper contract prices are expected at RMB 50,200-50,700/mt. In physical market, copper may be quoted at premiums of RMB 320-420/mt against SHFE 1409 copper contract prices.