SHANGHAI, Jul. 27 (SMM) – LME copper prices fell during Asian hours last Friday but regained some losses during European and US hours, to end up USD 12/mt at USD 5,268/mt.
The China manufacturing PMI released by Caixin.com and Markit fell to a 15-momth low of 48.2, dealing a blow to copper prices last Friday.
US data were mixed, and the US dollar index hovered at highs. Crude oil prices continued to fall on Friday due to weak fundamentals.
SHFE 1510 copper contract opened at RMB 38,040/mt Friday night and moved between RMB 37,800-38,530/mt before ending at RMB 38,300/mt, rising by RMB 180/mt. Positions declined 7,866 and trading volumes were about 140,000 lots.
SHFE 1510 copper contract prices are expected to move at RMB 37,800-38,500/mt on July 27. Spot copper will be offered at premiums of RMB 350-420/mt to SHFE 1508 copper contract.