Home / Metal News / Copper / SMM Copper Weekly Review and Forecast (15-19 Jul. 2013)
SMM Copper Weekly Review and Forecast (15-19 Jul. 2013)
Jul 16,2013 09:02CST
price review forecast
Source:SMM
SHFE copper prices dipped as low as RMB 48,000/mt last Monday due to the influenced of LME copper trends.
SHANGHAI, Jul. 15 (SMM) – SHFE copper prices dipped as low as RMB 48,000/mt last Monday due to the influenced of LME copper trends. However, Chinese A-shares stage a strong rally, rising by 3.5%, after Chinese Premier Li Keqiang stressed the use of bottom-line thinking in the promotion of economic reforms. On Thursday, shorts liquidated positions, driving SHFE copper up to RMB 51,000/mt and with all SHFE copper contracts rising by daily limits. Total trading volumes increased by 1.3 million lots last week, while positions fell by 35,000 lots and with market turnover remaining high. SHFE 1311 became the most actively traded contract. SMM expects copper prices to experience even more volatility this coming week. 
 
In the spot market, premiums fell back after initially rising. Trader unwillingness to move goods early in the week helped support spot premiums, but sales were still depressed since large amounts of goods were locked in after SHFE copper prices advanced. Traders preferred to buy high-quality copper before the delivery date, while speculators bought spot and sold futures. Downstream producers entered the market when prices were below RMB 50,000/mt, and later exited when prices rose above RMB 50,000/mt. In general, deals last week were mainly made among traders.
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