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SMM Copper Price Forecast (Mar. 11-15)
Mar 11,2013 11:00CST
price review forecast
Source:SMM
In the coming week, SMM anticipates that SHFE copper prices will consolidate at lows and test support at RMB 56,000/mt.

SHANGHAI, Mar. 11 (SMM) – Last Monday, the Chinese government announced tighter property sector controls, which caused the Shanghai Composite Index to tumble by 4%. SHFE copper lost more ground than LME copper, falling by 0.7% to RMB 56,060/mt. Total positions rose sharply by around 30,000 lots as bearish sentiment grew.

In spot markets over the past week, copper discounts turned to premiums as copper futures prices fell. Downstream purchases gradually increased while sale volumes rose sharply. Since there was no significant price gap among SHFE copper contracts and since discounts had narrowed, speculative interest early in the week was low. However, speculators became more willing to enter markets on Friday given growing optimism and since the delivery date for SHFE 1303 copper contracts was approaching and would cause premiums to grow.

In the coming week, SMM anticipates that SHFE copper prices will consolidate at lows and test support at RMB 56,000/mt.
 

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SHFE copper prices
Shanghai spot copper market
Shanghai copper discounts

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