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SMM Morning Review - 2012/4/9 Copper Market
Apr 9,2012 09:22CST
smm insight
Source:SMM
SHFE 1207 copper contract prices will move between RMB 59,500-60,500/mt during today's Asian trading session. Spot copper discounts are estimated between negative RMB 100-0/mt.

SHANGHAI, Apr. 9 (SMM)–LME copper market remains closed for the Easter holiday today. China this morning will announce the latest CPI data, which is expected by markets to rise from the previous month. In this context, stocks and futures markets will be provided with limited momentum, with the Shanghai Composite Index expected to fluctuate narrowly around 2,300. Comex copper prices opened lower this morning, an indication the opening copper price on the SHFE will be pessimistic. Combined with the much softer-than-anticipated US nonfarm payrolls last Friday, domestic long investors are likely to close positions for risk aversion, believing LME copper prices will fall tomorrow. SHFE 1207 copper contract prices therefore will move between RMB 59,500-60,500/mt during today's Asian trading session. In spot markets, as the delivery day for SHFE 1204 copper contracts nears, cargo-holders will try to narrow quotations for copper discounts, which are estimated between negative RMB 100-0/mt.
 

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