Home / Metal News / Copper / SMM Copper Market Daily Review (2013-6-28)
SMM Copper Market Daily Review (2013-6-28)
Jul 1,2013 09:03CST
price review forecast
Source:SMM
With LME copper being mired overnight, SHFE 1310 copper contract opened RMB 340/mt lower at RMB 48,220/mt on Friday.

SHANGHAI, Jul. 1 (SMM) – With LME copper being mired overnight, SHFE 1310 copper contract opened RMB 340/mt lower at RMB 48,220/mt on Friday. The most active SHFE copper contract rebounded after dipping to RMB 47,900/mt thanks to a wave of buying and the rally in China’s A-shares, but still failed to break through RMB 48,800/mt. Finally, SHFE copper for October delivery gained 20/mt or 0.04% to close at RMB 48,580/mt, with trading volumes and positions down 145,000 lots and 18,496 lots, respectively. Total trading volumes contracted 132,000 lots and total positions decreased 5,144 lots. The most actively traded SHFE copper contract has found strong support at RMB 48,000/mt, but still failed to shaken off resistance at the 5-day moving average.  

 
Spot copper in Shanghai was offered at a discount of RMB 80-200/mt over SHFE 1307 copper contract prices on Friday. Traded prices for standard-quality copper were between RMB 48,770-49,050/mt, and RMB 48,830-49,170/mt for high-quality copper. Cargo holders sold at greater discount to generate cash on the last trading day of June, but middlemen and downstream producers refrained from buying against tight liquidity, depressing overall trading. Trading was even quieter in the afternoon. SHFE copper inventories fell 6,716 mt to 182,493 mt last week as cargo holders were eager to sell goods for cash. 
SHFE copper price
spot copper price

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news