SMM Daily Review – 2012/7/12 Copper Market-Shanghai Metals Market

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SMM Daily Review – 2012/7/12 Copper Market

Price Review & Forecast 09:15:15AM Jul 13, 2012 Source:SMM

SHANGHAI, Jul. 13 (SMM) – SHFE 1210 copper contract, the most active one, started RMB 110/mt up at RMB 55,290/mt Thursday. The contract dropped rapidly below RMB 55,000/mt to RMB 54,900/mt in the morning session as longs closed positions and then fluctuated weakly around this price mark. However, in the afternoon session, as the Shanghai Composite Index rallied from earlier lows, the contract began stabilizing and returned above the daily moving average, drifting gradually higher to around RMB 55,200/mt. Finally, SHFE 1210 copper contract settled RMB 70/mt or 0.13% higher at RMB 55,150/mt, with trading volumes and positions decreasing by 46,944 lots and 1,072 lots, respectively. Nevertheless, trading volumes and positions for SHFE 1211 copper contract added by 448 lots and 10,652 lots, respectively, a sign the shift of the most active copper contract began. Longs and shorts held growing divergence ahead of China’s GDP data release Friday with selling pressures increasing.  
  
As SHFE copper prices laced momentum to rebound, high-quality copper cargo-holders kept prices sticky and tried to increase premium quotes, but the market response was tepid. Standard-quality imported copper’s supply was diversified and traded at premiums of positive RMB 0/mt. Mainstream spot copper offers were between premiums of positive RMB 0-80/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 55,400-55,480/mt, and RMB 55,450-55,550/mt for high-quality copper. A lot of participants in spot markets inquired prices as SHFE copper prices retreated, but actual market transactions were limited. In the afternoon, SHFE copper prices stabilized, but both spot copper offers and traded prices were little changed from the morning levels. 
 

Key Words:  SHFE copper price 

SMM Daily Review – 2012/7/12 Copper Market

Price Review & Forecast 09:15:15AM Jul 13, 2012 Source:SMM

SHANGHAI, Jul. 13 (SMM) – SHFE 1210 copper contract, the most active one, started RMB 110/mt up at RMB 55,290/mt Thursday. The contract dropped rapidly below RMB 55,000/mt to RMB 54,900/mt in the morning session as longs closed positions and then fluctuated weakly around this price mark. However, in the afternoon session, as the Shanghai Composite Index rallied from earlier lows, the contract began stabilizing and returned above the daily moving average, drifting gradually higher to around RMB 55,200/mt. Finally, SHFE 1210 copper contract settled RMB 70/mt or 0.13% higher at RMB 55,150/mt, with trading volumes and positions decreasing by 46,944 lots and 1,072 lots, respectively. Nevertheless, trading volumes and positions for SHFE 1211 copper contract added by 448 lots and 10,652 lots, respectively, a sign the shift of the most active copper contract began. Longs and shorts held growing divergence ahead of China’s GDP data release Friday with selling pressures increasing.  
  
As SHFE copper prices laced momentum to rebound, high-quality copper cargo-holders kept prices sticky and tried to increase premium quotes, but the market response was tepid. Standard-quality imported copper’s supply was diversified and traded at premiums of positive RMB 0/mt. Mainstream spot copper offers were between premiums of positive RMB 0-80/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 55,400-55,480/mt, and RMB 55,450-55,550/mt for high-quality copper. A lot of participants in spot markets inquired prices as SHFE copper prices retreated, but actual market transactions were limited. In the afternoon, SHFE copper prices stabilized, but both spot copper offers and traded prices were little changed from the morning levels. 
 

Key Words:  SHFE copper price