SHANGHAI, Aug. 6 (SMM) – LME copper prices remained below USD 5,200/mt Wednesday and lost USD 32/mt to end at USD 5,191/mt.
Concerns over China’s economic slowdown and copper consumption decline weighed on the market. in The US, the ADP’s job data were well below expectation in July, but ISM service index hit a nearly 10-year high. US shares were a mixed bag.
The US dollar index continued to trend up, which, combined with high crude inventory data reported by the EIA, pressured crude oil prices. New York crude price posted a 1.3%. Gold prices lost 0.5% and hit an almost 5-year low.
SHFE 1510 copper contract started at RMB 38,170/mt for Wednesday night, and fell to RMB 37,830/mt before ending at RMB 37,930/mt, down by RMB 200/mt. Positions grew 7,104, and trading volumes were about 131,000 lots.
SHFE 1510 copper contract may trade at RMB 37,700-38,200/mt on August 6. Spot copper will be quoted at discounts of RMB 20-50/mt to SHFE 1508 copper contract.