Home / Metal News / Zinc / SMM Copper Market Daily Review (2013-7-12)
SMM Copper Market Daily Review (2013-7-12)
Jul 15,2013 09:05CST
price review forecast
SHFE 1311 copper contract started RMB 400/mt higher at RMB 50,700/mt on Friday.

SHANGHAI, Jul. 15 (SMM) – SHFE 1311 copper contract started RMB 400/mt higher at RMB 50,700/mt on Friday. The most active SHFE copper contract pulled back immediately after jumping to RMB 50,730/mt since some investors took profits. In the afternoon, LME copper sank to USD 6,900/mt and China’s A-shares trimmed 1.7%, sending SHFE copper for November delivery down further to RMB 49,680/mt. Finally, SHFE 1311 copper contract closed at RMB 49,690/mt, down RMB 610/mt or 1.21%. Trading volumes and positions decreased 493,000 lots and 19,632 lots, respectively. The most active SHFE copper contract met strong resistance at the 30-day moving average, but will find support at the 5-day, 10-day and 20-day moving averages. 

Spot copper in Shanghai was quoted at a discount of RMB 0-100/mt and premium of RMB 0-20/mt over SHFE 1307 copper contract prices on Friday. Traded prices for standard-quality copper were between RMB 50,800-50,920/mt, and RMB 50,880-51,050/mt for high-quality copper. SHFE copper moved lower after a high opening. Cargo holders were anxious to sell at discount to raise cash. Middlemen lost interest as the price gap between SHFE 1307 and 1308 copper contract expanded. Downstream producers largely bought only to need. Discounts of spot copper expanded to RMB 0-150/mt in the afternoon, and only goods from Guiye and Jinchuan were quoted flat with futures prices. Traded prices fell to RMB 50,550-50,900/mt. SHFE copper inventories fell 4,645 lots in total last week to 168,376 lots.
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