SHANGHAI, Aug. 14 (SMM) – LME copper did not show significant changes Thursday as market players were cautious following yuan’s devaluation, and closed at USD 5,177/mt, edging down USD 8/mt.
The People’s Bank of China said Thursday that there is no basis for persistent and substantial devaluation and that it is taking measures to cushion any impact from a weaker Chinese yuan.
In the US, the retail sales and initial jobless claims were reported positive, and the US dollar index held up. Crude oil prices continued to decline.
SHFE 1510 copper contract opened at RMB 39,470/mt Thursday night, and moved between RMB 39,330-39,580/mt before finishing at RMB 39,400/mt, down by RMB 220/mt. Positions decreased 3,462, and trading volumes were around 160,000 lots.
SHFE 1510 copper contract may trade at RMB 39,000-39,700/mt on August 14. Spot copper will be quoted at discounts of RMB 20-100/mt to SHFE 1508 copper contract.