SHANGHAI, Aug. 10 (SMM) – LME copper prices touched a low of USD 5,121/mt and closed at USD 5,156/mt, down by USD 28/mt.
The US nonfarm payroll data were slightly lower than expectation, but remained above 200,000. In addition, the June nonfarm payrolls were revised upwards. US shares declined, and the US dollar index edged lower. Crude oil continued to fall on oversupply concern, prompting some investors to sell commodities.
In China, trade data for July slumped, and copper product imports were reported down. CPI grew 1.6% YoY, while PPI was worse than expected.
SHFE 1510 copper contract opened lower at RMB 37,750/mt for night session Friday night, and then rose to RMB 38,100/mt. The price then drifted lower to RMB 37,840/mt, up RMB 90/mt. Positions grew 1,274, and trading volumes were about 168,000 lots.
SHFE 1510 copper contract may trade at RMB 37,300-37,800/mt on August 10. Spot copper will be quoted at discounts of RMB 20-80/mt to SHFE 1508 copper contract.