SMM Copper Market Morning Review (2013-4-1)

SHANGHAI, Apr. 1 (SMM) – LME market remains closed today. Cyprus claimed that its bank depositors could lose up to 60%, weighing the euro down. The Shanghai Composite Index will remain weak, but China’s March PMI to be released today may lend some support to SHFE copper. SHFE 1307 copper contract prices should move within RMB 54,400-55,300/mt after a low opening on Monday. In spot markets, cargo holders will be unwilling to sell at lows at the start of the month, with spot copper discounts expected between RMB 0-20 and premiums between RMB 0-80/mt.