SHANGHAI, Aug. 3 (SMM) – LME copper prices hit a low of USD 5,211/mt last Friday and closed at USD 5,224/mt, down by USD 34/mt.
Many investors left the market before release of China’s manufacturing data. The US economic figures reported last Friday turned out disappointing, with the hiring cost posting smallest rise in 33 years. The US dollar index presented a brief drop, capping the decline in copper prices. However, the red metal resumed the downtrend after the dollar rallied.
In other news, Brent crude closed with a loss of 5.2%. Bullish bets in US treasury hit a two-year high as of July 28.
SHFE 1510 copper contract started at RMB 38,350/mt for night session last Friday and rose to RMB 38,680/mt before a pullback to RMB 38,200/mt, The most active copper contract finished the session at RMB 38,240/mt, losing RMB 140/mt. Positions in the most active copper contract increased 8,372, and trading volumes were about 185,000 lots.
SHFE 1510 copper contract may trade at RMB 38,000-38,500/mt on August 3. Spot copper will be offered at premiums of RMB 80-180/mt to SHFE 1508 copper contract.