SMM Copper Price Forecast (Feb. 27-Mar. 2)-Shanghai Metals Market

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SMM Copper Price Forecast (Feb. 27-Mar. 2)

SMM Insight 10:36:17AM Feb 27, 2012 Source:SMM

SHANGHAI, Feb. 27 (SMM) –China's Shanghai Composite Index surged to 2,400 points and SHFE copper prices were boosted following news of a cut in banks' RRR by China's Central Bank. However, a large number of short investors entered the market at high prices, dampening SHFE copper prices, which met resistance at RMB 60,810/mt. Due to a lack of clear technical indicators, SHFE copper prices should continue to test RMB 60,000/mt.

In spot markets last week, copper supply was stable and traders using copper as a financing vehicle were actively moving goods. Spot copper discounts expanded to between RMB 400-500/mt as a consequence. Speculators took advantage of increasing copper discounts to buy high-quality copper. However, domestic copper smelters showed reluctance in selling owing to large discounts. Downstream buying interest heightened early last week at prices below RMB 59,000/mt, but then low-end copper price rallied gradually, depressing market sentiment and turning markets quiet. 

SMM expects in the coming week LME copper prices to fluctuate between USD 8,300-8,500/mt and SHFE copper prices between RMB 59,000-61,000/mt.     
 

Key Words:  copper price forecast 

Price

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#1 Refined Cu
Apr.19
49430.0
-170.0
(-0.34%)
Yangshan Copper Premium(Bill of Lading)
Apr.19
51.5
0.0
(0.00%)
Yangshan Copper Premium(Warehouse Warrant)
Apr.19
50.5
0.0
(0.00%)
Imported Cu Concentrate TC(Cu≥26%,Week)
Apr.19
67.0
-1.5
(-2.19%)
Imported Cu Concentrate TC(Cu≥26%,Month)
Mar.29
73.5
-6.0
(-7.55%)

SMM Copper Price Forecast (Feb. 27-Mar. 2)

SMM Insight 10:36:17AM Feb 27, 2012 Source:SMM

SHANGHAI, Feb. 27 (SMM) –China's Shanghai Composite Index surged to 2,400 points and SHFE copper prices were boosted following news of a cut in banks' RRR by China's Central Bank. However, a large number of short investors entered the market at high prices, dampening SHFE copper prices, which met resistance at RMB 60,810/mt. Due to a lack of clear technical indicators, SHFE copper prices should continue to test RMB 60,000/mt.

In spot markets last week, copper supply was stable and traders using copper as a financing vehicle were actively moving goods. Spot copper discounts expanded to between RMB 400-500/mt as a consequence. Speculators took advantage of increasing copper discounts to buy high-quality copper. However, domestic copper smelters showed reluctance in selling owing to large discounts. Downstream buying interest heightened early last week at prices below RMB 59,000/mt, but then low-end copper price rallied gradually, depressing market sentiment and turning markets quiet. 

SMM expects in the coming week LME copper prices to fluctuate between USD 8,300-8,500/mt and SHFE copper prices between RMB 59,000-61,000/mt.     
 

Key Words:  copper price forecast