SHANGHAI, Jan. 15 (SMM) -- SHFE copper market advanced further after a higher open, and prices generally moved below the daily average. SHFE three-month copper prices rallied 1.5%, with positions down 6,924 lots, but still above 150,000 lots, and trading volume waned as well. Positions for the SHFE 1005 copper contract increased by 1,824 lots. SHFE three-month copper prices opened at RMB 61,010/mt, meeting resistance at RMB 61,240/mt, and with prices ending at RMB 60,750/mt, and able to find support at RMB 58,750/mt.
Spot transactions on Thursday made a stark contrast to conditions reported on Wednesday, with no buying interest reported at lower prices, since the lack of upward momentum for copper futures prices around RMB 61,000/mt depressed their purchasing interest. In the morning trade, premiums for high-quality copper were at positive RMB 80-100/mt, mainly for domestic goods. Premiums for standard-quality copper were around positive RMB 50/mt, but transactions were sluggish due to no price advantages. Moreover, the pressure from imported hydro-copper with discounts at negative RMB 50/mt forced standard-quality copper to offer discounts at negative 0-30/mt. Traded prices were generally in the RMB 60,500-60,700/mt range. Supply of imported goods dropped from a day earlier due to rising copper prices in the futures market. Market players took a cautious attitude towards outlook. SMM believes spot copper prices will fluctuate around RMB 60,000/mt in the near future.
Copyright © SMM. All Rights Reserved
None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: email@example.com