SHANGHAI, Aug. 19 (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.
In Shanghai market, spot copper premiums declined to RMB 0-50/mt on Tuesday from Monday’s RMB 0-60/mt against SHFE 1509 copper. Traded prices were RMB 39,130-39,200/mt for standard-quality copper and RMB 39,180-39,250/mt for high-quality copper.
SHFE copper prices posted a modest drop. Cargo holders tended to hold spot prices firm after the delivery of SHFE 1508 copper. Some speculators hunted for cheap goods. Investors turned optimistic about future spot premiums as imported copper was gradually absorbed by market. Downstream buyers purchased as needed. Traders contributed to trades a lot on Aug. 18.