SHANGHAI, Aug. 25 (SMM) – SHFE 1510 lead opened Monday evening session at RMB 12,980/mt and then expectation for Chinese yuan depreciation lured investors to sell LME copper and buy SHFE copper. And hence, SHFE lead soared to RMB 13,165/mt as longs entered market and closed the session at RMB 13,120/mt, down by RMB 10/mt. Trading volumes fell 2,492 to 4,456 lots while positions increased 154 to 17,896.
The PBOC raised the central parity of RMB:USD by over 100 on Tuesday. As such, SHFE lead once advanced to RMB 13,240/mt but later rolled back some gains due to Chinese falling shares, to close at RMB 13,140/mt, up RMB 10/mt. Trading volumes totaled 8,852 lots while positions declined 182 to 17,560.