AMM.com Copying and distributing are prohibited without permission of the publisher
Email a friend
  • To include more than one recipient, please separate each email address with a semi-colon ';', to a maximum of 5


Shanghai copper retreats, tracking LME

Keywords:


Shanghai Futures Exchange copper prices fell by 0.8%, following declines on the London Metal Exchange.

SHFE August copper settled at 58,300 yuan ($9,241) per tonne on Thursday, down from 58,750 yuan per tonne on Wednesday.

“Manufacturing contractions in Europe and China as well as poor employment data from the US hurt copper prices,’’ an analyst from Shanghai said.

The US private sector added 119,000 jobs in April, far fewer than expected.

Markit’s Eurozone Manufacturing Purchasing Mangers’ Index (PMI) dropped to 45.9 from 47.7 in March, its lowest reading since June 2009. The HSBC Purchasing Managers Index for China posted 49.3 in April, which indicates contraction for a sixth straight month.

“LME’s backwardation also came down from earlier highs,’’ the analyst noted.

The backwardation on the LME copper contract narrowed to $72 per tonne on an official basis, compared with an evaluation at $97 at the close of LME trading on May 1 and $134.5 on April 30.

On the Changjiang Nonferrous market, copper lost 135 yuan to trade between 58,300 and 58,380 yuan per tonne.

August aluminium settled at 16,365 yuan per tonne, up 95 yuan from last session. Its spot prices were up 80 yuan to 16,160-16,200 yuan per tonne.

July lead settled at 15,850 yuan per tonne, down 75 yuan from the previous session. Its spot price retreated 25 yuan to 15,700-15,800 yuan per tonne.

August zinc settled at 15,655 yuan per tonne, down 105 yuan from Wednesday’s settlement. The spot price was unchanged at 15,450-15,500 yuan per tonne.

editorial@metalbulletinasia.com

Have your say
  • All comments are subject to editorial review.
    All fields are compulsory.



Latest Pricing Trends