SHANGHAI, Aug. 12 (SMM) – LME copper dipped to a record low of USD 5,109/mt overnight and closed at USD 5,148/mt, down USD 151/mt. The PBOC lowered the central parity of RMB:USD by 1.82% August 11, pushing down commodity price. During Asian trading session, the US dollar climbed above 97.60 at one point, up over 0.4%. The AUD, NZD and SGD against the USD dropped at least 1%. Gold and crude oil prices also fell. Nonetheless, the US dollar slid during European trading session, and COMEX gold prices rose 0.69% to USD 1,111.70/mt. LME three-month copper, nickel and aluminum prices also increased 1.1%-1.9%.
SHFE 1510 copper contract prices opened at RMB 38,670/mt, then rose to RMB 39,220/mt, and fell slightly to close at RMB 38,810/mt, down RMB 70/mt or 0.18%. Trading volumes were 359,000 lots, and total positions decreased 3,372.
LME copper prices are expected to move between USD 5,080-5,180/mt during Asian trading session, and SHFE 1510 copper contract prices should move between RMB 38,300-38,900/mt, with spot discounts of RMB 120-50/mt.