SHANGHAI, Aug. 17 (SMM) – LME copper remained relatively stable Friday and edged down USD 7/mt to close at USD 5,170/mt. The US dollar index increased on strong economic data, weighing on base metals.
China’s RMB stabilized, but concerns over weak demand continued to shadow the market. Crude oil price registered a slight rise but the outlook remained pessimistic due to oversupply.
SHFE 1510 copper contract opened at RMB 39,270/mt last Friday night, and rose to RMB 39,510/mt, but then fell back to RMB 39,080/mt. The most active contract finally ended at RMB 39,240/mt, down by RMB 180/mt. Positions decreased 6,136, and trading volumes were around 150,000 lots.
SHFE 1510 copper contract may trade at RMB 39,200-39,800/mt on August 17. Spot copper will be quoted between a discount of RMB 50/mt and a premium of RMB 50/mt to SHFE 1508 copper contract.