Copper Prices Retreat after Overnight Surge Amid Geopolitical Uncertainty
The London Metal Exchange (LME) and Shanghai Futures Exchange (SHFE) copper prices retreated on August 13 after experiencing a rapid rise overnight.
LME copper opened at $14,230 per metric ton and touched a high of $14,262 before falling to $14,096.5 near the end of trading.
The contract eventually closed at $14,109.5, down 0.31%, with a trading volume of 16,900 lots and open interest reaching 263,000 lots, up 1,892 from the previous day.
Meanwhile, the SHFE copper 2609 contract opened at 108,610 yuan per metric ton and immediately touched a high of 109,730 yuan before drifting lower to 107,730 yuan near the end of trading.
The contract eventually closed at 107,780 yuan, down 0.36%, with a trading volume of 34,000 lots and open interest reaching 212,000 lots, down 2,364 from the previous day.