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SMM Copper Market Daily Review (2013-1-31)
Feb 1,2013 09:04CST
price review forecast
Source:SMM
SHFE 1305 copper contract settled RMB 470/mt or 0.79% higher at RMB 59,690/mt January 31. Shanghai spot copper discounts were RMB 160-280/mt in the morning business.

SHANGHAI, Feb. 1 (SMM) – With LME copper advancing significantly higher overnight, the most active SHFE 1305 copper contract opened RMB 370/mt up at RMB 59,590/mt Thursday. The contract retreated slightly following the opening as some investors closed positions, and then fluctuated narrowly around RMB 59,400/mt. In the afternoon, SHFE copper prices rose above the daily moving average again with long investors returning to markets, with a high at RMB 59,740/mt at the tail of trading. SHFE 1305 copper contract settled RMB 470/mt or 0.79% higher at RMB 59,690/mt, with trading volumes and positions down 26,140 lots and 352 lots, respectively. SHFE copper will extend gains with long investors taking the upper hand and prices standing above all recent moving averages, but should also be wary of potential risks.

Shanghai spot copper discounts were quoted between negative RMB 160-280/mt in the morning business. Traded prices for standard-quality copper were between RMB 58,530-58,580/mt, and RMB 58,620-58,670/mt for high-quality copper. SHFE copper prices lacked rising momentum, but spot copper cargo-holders were eager to move goods for cash at the month’s end, keeping copper supply plentiful. Copper discounts expanded as a result, which, though, still failed to entice traders to make purchases. Downstream producers also refrained from buying, so overall market activity remained lackluster. In the afternoon, SHFE copper prices drifted slightly up, but copper discounts remained basically unchanged from morning levels. Traded prices surged to RMB 58,600-58,800/mt in the afternoon, but market activity became muted.
 

SHFE copper prices
SHFE 1305 copper contract
Shanghai spot copper
Shanghai copper discounts

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