SHANGHAI, Jul. 28 (SMM) – LME copper prices touched a low of USD 5,196/mt on Monday and closed down USD 72/mt at USD 5,196/mt.
Chinese stock market saw an 8.5% tumble on Monday, raising concerns over its real economic growth and consumption. Meanwhile, the US durable goods orders for June were reported above expectation, allowing the US dollar index to hover near 96.7. Commodities were weighed down as a result.
SHFE 1510 copper contract opened lower at RMB 37,680/mt for night trading Monday and hit a low of RMB 37,440/mt. The price then drifted higher to RMB 37,980/mt and closed at RMB 37,820/mt, off by RMB 330/mt. Positions increased 3,872 and trading volumes were about 130,000 lots.
SHFE 1510 copper contract prices are expected to move at RMB 37,700-38,200/mt on July 28. Growing imported copper supply will push spot copper premiums down to RMB 320-400/mt.