SHANGHAI, Aug. 7 (SMM) – LME copper prices fell by USD 7/mt to end at USD 5,184/mt on Thursday.
Investors exited the market on caution before release of nonfarm payrolls, and large companies reported weak results, pressuring US stock prices. But the decline in base metals was limited as the US dollar index edged lower.
SHFE 1510 copper contract opened at RMB 37,880/mt Thursday night, and once climbed to RMB 38,100/mt. The price then fell to RMB 37,790/mt due to slumping crude oil prices and selling pressure, and finished at RMB 37,880/mt, down by RMB 140/mt. Positions grew 2,368, and trading volumes were about 129,000 lots.
SHFE 1510 copper contract may trade at RMB 37,800-38,200/mt on August 7. Spot copper will be quoted between a discount of RMB 60/mt and a premium of RMB 20/mt to SHFE 1508 copper contract.