SHANGHAI, Aug. 28 (SMM) – LME copper prices rose above USD 5,100/mt helped by a 10% surge in crude oil price Thursday and touched a high of USD 5,142/mt before ending at USD 5,124/mt, up USD 204/mt.
Rising Chinese and US shares boosted market sentiment, prompting some investors to return to risky assets. China’s stock market posted an over 5% increase. In the US, the Q2 GDP growth and initial jobless claims both beat forecasts.
SHFE 1511 copper contract opened higher at RMB 38,780/mt Thursday night, and hit a high of RMB 39,690/mt, to finish up RMB 840/mt at RMB 39,400/mt. Positions increased 6,564, and trading volumes were around 175,000 lots.
SHFE 1511 copper contract may trade at RMB 39,200-39,800/mt on August 28. Spot copper will be quoted at discounts of RMB 20-80/mt to SHFE 1509 copper contract.