SMM Copper Market Daily Review (2013-4-24)-Shanghai Metals Market

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SMM Copper Market Daily Review (2013-4-24)

Price Review & Forecast 09:16:10AM Apr 25, 2013 Source:SMM
SHANGHAI, Apr. 25 (SMM) – SHFE 1308 copper contract started Wednesday RMB 50/mt higher at RMB 49,180/mt. After its opening, LME copper broke through USD 7,000/mt, and the Shanghai Composite Index advanced 1.5%, pushing the most active SHFE copper contract all the way up to RMB 51,090/mt. Later, SHFE copper for August delivery gave back some of its earlier gains and hovered at RMB 50,500/mt as longs closed positions. Finally, the most active SHFE copper contract finished at RMB 50,600/mt, a RMB 1,470/mt or 2.99% surge. Trading volumes of SHFE 1308 copper contract increased 16,602 lots, but positions decreased 58,258 lots. Total trading volumes were up 104,000 lots, while total positions contracted 51,236 lots. The turnover rate was as high as 274%, suggesting trading activity was fairly active. Longs and shorts were cautious at RMB 51,000/mt, and future price trend depends on the struggle between the two sides. 
 
Spot copper in Shanghai was quoted at a premium of RMB 150-250/mt over SHFE 1305 copper contract on Wednesday. Traded prices for standard-quality copper were between RMB 50,250-50,430/mt, and RMB 50,300-50,550/mt for high-quality copper. SHFE 1308 copper contract staged a big rally, leaving little room for arbitrage. Spot copper suppliers held back goods while holding offers firm. The most active SHFE copper contract rose nearly RMB 400/mt towards mid-day, and spot copper premium remained firm. Middlemen continued to watch from the sidelines, while downstream producers purchased to need. SHFE copper soar RMB 1,000/mt, and spot copper supply was tighter. Premiums narrowed slightly to RMB 130-230/mt, but traded prices rose to RMB 51,000-51,200/mt. Few transactions were made, and speculators also watched on the sidelines. 
 

SMM Copper Market Daily Review (2013-4-24)

Price Review & Forecast 09:16:10AM Apr 25, 2013 Source:SMM
SHANGHAI, Apr. 25 (SMM) – SHFE 1308 copper contract started Wednesday RMB 50/mt higher at RMB 49,180/mt. After its opening, LME copper broke through USD 7,000/mt, and the Shanghai Composite Index advanced 1.5%, pushing the most active SHFE copper contract all the way up to RMB 51,090/mt. Later, SHFE copper for August delivery gave back some of its earlier gains and hovered at RMB 50,500/mt as longs closed positions. Finally, the most active SHFE copper contract finished at RMB 50,600/mt, a RMB 1,470/mt or 2.99% surge. Trading volumes of SHFE 1308 copper contract increased 16,602 lots, but positions decreased 58,258 lots. Total trading volumes were up 104,000 lots, while total positions contracted 51,236 lots. The turnover rate was as high as 274%, suggesting trading activity was fairly active. Longs and shorts were cautious at RMB 51,000/mt, and future price trend depends on the struggle between the two sides. 
 
Spot copper in Shanghai was quoted at a premium of RMB 150-250/mt over SHFE 1305 copper contract on Wednesday. Traded prices for standard-quality copper were between RMB 50,250-50,430/mt, and RMB 50,300-50,550/mt for high-quality copper. SHFE 1308 copper contract staged a big rally, leaving little room for arbitrage. Spot copper suppliers held back goods while holding offers firm. The most active SHFE copper contract rose nearly RMB 400/mt towards mid-day, and spot copper premium remained firm. Middlemen continued to watch from the sidelines, while downstream producers purchased to need. SHFE copper soar RMB 1,000/mt, and spot copper supply was tighter. Premiums narrowed slightly to RMB 130-230/mt, but traded prices rose to RMB 51,000-51,200/mt. Few transactions were made, and speculators also watched on the sidelines.