SMM Daily Review – 2012/2/10 Copper Market-Shanghai Metals Market

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SMM Daily Review – 2012/2/10 Copper Market

SMM Insight 08:54:45AM Feb 13, 2012 Source:SMM

SHANGHAI, Feb. 13 (SMM) –As LME copper prices closed with gains overnight, SHFE 1205 copper contract prices, the most active one, opened RMB 370/mt higher at RMB 61,950/mt Friday. SHFE three-month copper contract prices fluctuated around the daily moving average of RMB 61,850/mt after the opening and stopped at an intraday high of 62,080/mt, since LME copper prices came under pressure at USD 8,700/mt owing to the increasing US dollar during the whole trading day. In the afternoon session, SHFE three-month copper contract prices met resistance at the daily moving average and tended to move away from the price mark, reversing earlier gains and touching a low at RMB 61,460/mt. Finally, SHFE 1205 copper contract prices closed at RMB 61,650/mt, down RMB 20/mt or 0.03%. Positions for SHFE 1205 copper contracts were up 14,332 lots, and trading volumes were down 56,038 lots. SHFE copper prices faced great upward resistance at RMB 62,000/mt, and need a push from LME copper prices.

In the spot market, SHFE copper prices moved higher after a high open, but copper smelters sold goods in small quantities due to optimism towards future copper prices and as the delivery date for SHFE current-month copper contracts neared. As a result, copper discounts fell to between negative RMB 200-80/mt in the morning business. Daily traded prices for standard-quality copper were between RMB 60,520-60,700/mt, and RMB 60,600-60,820/mt for high-quality copper. Spot copper prices hit a high of RMB 61,000/mt during the trading day. Downstream producers generally stood on the sidelines, while speculative interest weakened owing to the continuously falling copper discounts. Consequently, trading volumes fell significantly compared with the prior day, and market transactions stagnated at nearly RMB 61,000/mt. Copper inventories tracked by the SHFE increased by 18,311 mt to 198,202 mt in the week ending February 10th, indicating market players delivered goods. 

 

Key Words:  copper daily review  

SMM Daily Review – 2012/2/10 Copper Market

SMM Insight 08:54:45AM Feb 13, 2012 Source:SMM

SHANGHAI, Feb. 13 (SMM) –As LME copper prices closed with gains overnight, SHFE 1205 copper contract prices, the most active one, opened RMB 370/mt higher at RMB 61,950/mt Friday. SHFE three-month copper contract prices fluctuated around the daily moving average of RMB 61,850/mt after the opening and stopped at an intraday high of 62,080/mt, since LME copper prices came under pressure at USD 8,700/mt owing to the increasing US dollar during the whole trading day. In the afternoon session, SHFE three-month copper contract prices met resistance at the daily moving average and tended to move away from the price mark, reversing earlier gains and touching a low at RMB 61,460/mt. Finally, SHFE 1205 copper contract prices closed at RMB 61,650/mt, down RMB 20/mt or 0.03%. Positions for SHFE 1205 copper contracts were up 14,332 lots, and trading volumes were down 56,038 lots. SHFE copper prices faced great upward resistance at RMB 62,000/mt, and need a push from LME copper prices.

In the spot market, SHFE copper prices moved higher after a high open, but copper smelters sold goods in small quantities due to optimism towards future copper prices and as the delivery date for SHFE current-month copper contracts neared. As a result, copper discounts fell to between negative RMB 200-80/mt in the morning business. Daily traded prices for standard-quality copper were between RMB 60,520-60,700/mt, and RMB 60,600-60,820/mt for high-quality copper. Spot copper prices hit a high of RMB 61,000/mt during the trading day. Downstream producers generally stood on the sidelines, while speculative interest weakened owing to the continuously falling copper discounts. Consequently, trading volumes fell significantly compared with the prior day, and market transactions stagnated at nearly RMB 61,000/mt. Copper inventories tracked by the SHFE increased by 18,311 mt to 198,202 mt in the week ending February 10th, indicating market players delivered goods. 

 

Key Words:  copper daily review