SHANGHAI, Aug. 13 (SMM) – LME copper prices increased Wednesday but did not break through USD 5,200/mt, closing at USD 5,185/mt.
Depreciation of Chinese yuan continued to hit financial market. LME gold rose sharply with investors seeking for safety. The US dollar index fell back as interest rate hike expectation weakened. However, crude oil prices remained low.
China’s fixed asset investment and industrial added value grew more slowly in July.
SHFE 1510 copper contract opened at RMB 39,500/mt Wednesday night, and rose to RMB 39,970/mt as shorts closed positions in large amounts. SHFE copper finally ended at RMB 39,810/mt, up RMB 890/mt. Positions decreased 10,188, and trading volumes were around 250,000 lots.
SHFE 1510 copper contract may trade at RMB 39,700-40,200/mt on August 13. Spot copper will be quoted at discounts of RMB 120-200/mt to SHFE 1508 copper contract.