SMM Daily Review - 2009/12/9 Copper Market

SHANGHAI, Dec. 10 (SMM) -- On September 9th, SHFE copper prices largely experienced narrow fluctuations despite of opening lower. SHFE three-month contract copper prices closed down 2.2% due to falling LME copper market and a lower China A- share market, with prices in the morning session mainly moving in the RMB 55,000-55,150/mt range, and down to RMB 54,500/mt at late trading. SHFE current-month contract copper prices generally fluctuated in the RMB 55,000-55,150/mt in the morning session, with prices ever down to RMB 54,000/mt during the day.

In the spot market, some hedging trade appeared due to a weaker futures market, and spot premiums increased to RMB 50-100/mt, with growing market supply. Buying interest was stimulated when futures markets showed stable movements and LME copper prices edged up to RMB 6,950/mt in the morning session, resulting in brisk trades in the morning, with prices mainly in the RMB 54,700-54,800/mt range. However, traded prices fell back to the RMB 55,400-55,600/mt along with falling futures copper prices, though some suppliers raised premiums to RMB 100-150/mt, with sparse inquiries, waiting for further direction from changes in the LME copper market, but an uneasy sentiment has been felt in the market following the upcoming market corrections. 

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