SHANGHAI, Aug. 5 (SMM) – LME copper prices fell back after initial rises Tuesday and closed at USD 5,222/mt, gaining USD 31/mt.
China’s stock market rallied Tuesday, helping copper prices bounce back.
In Europe, Greek government said it is expected to reach agreement with international creditors before August 18. The US dollar weakened early as investors were waiting for release of nonfarm payroll data due out Friday, but rallied towards 98 after Atlanta Fed President Dennis Lockhart said he supports a rate hike in September.
Crude oil prices rebounded as API inventory data fell more than expected.
SHFE 1510 copper contract started at RMB 38,330/mt for Tuesday’s night session, and finished RMB 310/mt higher at RMB 38,280/mt, with high-end price at RMB 38,430/mt and low-end at RMB 38,160/mt. Positions grew 2,288, and trading volumes were about 109,000 lots.
SHFE 1510 copper contract may trade at RMB 38,000-38,500/mt on August 5. Spot copper will be quoted at discounts of RMB 20-80/mt to SHFE 1508 copper contract.