SMM Brief on SHFE Copper Prices (2013-4-15)-Shanghai Metals Market

Hot Keywords

  • Inventory data
  • NPI
  • Zinc
  • Market commentary
  • Production data
  • Macroeconomics
  • Aluminium
  • Morning comments
  • Futures movement
  • Mengtai Group
  • Copper
  • Stainless steel
  • Nickel
  • In the United States
  • trade negotiations

SMM Brief on SHFE Copper Prices (2013-4-15)

SMM Insight 05:26:50PM Apr 15, 2013 Source:SMM

SHANGHAI, Apr. 15 (SMM) – Plunging LME copper overnight caused SHFE 1308 copper contract to open RMB 1,090/mt lower at RMB 54,000/mt on Monday. The Shanghai Composite Index declined as China’s GDP missed forecasts, and LME copper dived to USD 7,300/mt, sending SHFE copper down as well. Longs exited the market as a result, dragging the most active SHFE copper contract down to RMB 52,960/mt. Finally, SHFE copper for August delivery closed at RMB 53,380/mt, a loss of RMB 1,710/mt or 3.1%. Trading volumes and positions increased 354,000 lots and 44,878 lots, respectively. SHFE copper market was dominated by short selling.
 

SMM Brief on SHFE Copper Prices (2013-4-15)

SMM Insight 05:26:50PM Apr 15, 2013 Source:SMM

SHANGHAI, Apr. 15 (SMM) – Plunging LME copper overnight caused SHFE 1308 copper contract to open RMB 1,090/mt lower at RMB 54,000/mt on Monday. The Shanghai Composite Index declined as China’s GDP missed forecasts, and LME copper dived to USD 7,300/mt, sending SHFE copper down as well. Longs exited the market as a result, dragging the most active SHFE copper contract down to RMB 52,960/mt. Finally, SHFE copper for August delivery closed at RMB 53,380/mt, a loss of RMB 1,710/mt or 3.1%. Trading volumes and positions increased 354,000 lots and 44,878 lots, respectively. SHFE copper market was dominated by short selling.