Home / Metal News / Aluminium / [Cu Price]SMM Copper Market Morning Review (2015-8-12)
[Cu Price]SMM Copper Market Morning Review (2015-8-12)
Aug 12,2015 09:31CST
price review forecast
Source:SMM
Chinese yuan devalue triggered sell-offs on commodities on Tuesday evening.

SHANGHAI, Aug. 12 (SMM) – Chinese yuan devaluation triggered sell-offs on commodities on Tuesday evening. US dollar initially grew but later fell back. US crude oil futures prices slumped to a six-year low. API crude oil stocks dropped at a slower pace. Copper inventories continued to increase. Those factors combined to depress copper prices.

LME copper thus hit another low of USD 5,109/mt and finally ended down USD 151/mt at USD 5,148/mt.

SHFE copper opened lower at RMB 39,220/mt for night trading Tuesday and finally closed at RMB 38,810/mt, down by RMB 70/mt, off 0.18%. Trading volumes were 359,000 lots and positions declined 3,372. SHFE/LME copper price ratio expanded further.

SHFE 1510 copper should range between RMB 38,300-38,900/mt Aug. 12. Spot lead is predicted to settle at discounts of RMB 50-120/mt.

 

SHFE copper prices
LME copper prices
Cu price

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news