SMM Morning Review - 2011/12/27 Copper Market

SHANGHAI, Dec. 27 (SMM) –The LME market is still closed today. However, Comex copper prices trended down this morning, providing guidance for SHFE copper price movements. Chinese stock markets will remain weak today and continue to move towards the lowest level for this year, which will drag down SHFE copper prices. Hence, SHFE copper prices will drift lower during today's Asian trading hours, and SHFE 1203 copper contract prices are expected to move between RMB 54,800 -55,800/mt. Spot copper discounts are estimated between negative RMB 500-300/mt versus SHFE 1201 copper contracts.