SHANGHAI, Aug. 18 (SMM) – SHFE 1510 copper opened lower at RMB 38,900/mt for night trading Monday and closed down RMB 170/mt or 0.43% at RMB 39,030/mt with the session high at RMB 39,110/mt and the session low at RMB 38,830/mt. Trading volumes increased 3,412 lots and positions totaled 125,000.
In the afternoon business Tuesday, US dollar index posted a rise. China’s A-shares prices slumped over 200 and crude oil prices fell back. Commodities prices were thus weighed down. As such, SHFE 1510 copper touched a low of RMB 38,760/mt before ending at RMB 38,790/mt, losing RMB 410/mt or 1.05%. Trading volumes decreased near 30,000 lots but positions were up 3,448 to 221,814.
Moving of Chinese stocks triggers worries about economy slowdown in China. US dollar increases while crude oil prices tend to seek for a new low. Those factors combine to depress base metal prices. Spot copper premiums appear again but may not grow further with the delivered copper entering market from warehouses on the SHFE.