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SMM Copper Market Daily Review (2013-7-18)
Jul 19,2013 09:02CST
price review forecast
Source:SMM
SHFE 1311 copper contract opened RMB 510/mt lower at RMB 49,750/mt on Thursday due to falling LME copper prices overnight.

SHANGHAI, Jul. 19 (SMM) – SHFE 1311 copper contract opened RMB 510/mt lower at RMB 49,750/mt on Thursday due to falling LME copper prices overnight. The most active contract fell to near the daily moving average due to selloff and a 1% drop in China’s A-shares, with the high-end price at RMB 49,780/mt. In the afternoon, SHFE copper for November delivery dipped below the daily moving average, with the low-end price at RMB 49,370/mt. SHFE copper for delivery in four months did advance to its opening price at the tail of the session as shots closed positions, and finally closed at RMB 49,690/mt, down RMB 570/mt or 1.13%. Trading volumes shrank by 408,000 lots, but positions increased by 3,846 lots. SHFE copper prices remain under downward pressure.

 
Spot copper in Shanghai was offered at a premium of RMB 100-280/mt over SHFE 1308 copper contract prices on Thursday. Traded prices for standard-quality copper were between RMB 50,100-50,250/mt, and RMB 50,230-50,430/mt for high-quality copper. Spot copper premium rose significantly. Middlemen were hunting for low-priced high-quality copper. Prices of standard-quality copper were almost RMB 200/mt lower than those of high-quality copper due to ample supply. Downstream producers purchased in modest amounts now that copper prices have fallen and weekend is drawing near. Premiums for spot copper remained little changed in the afternoon, but traded prices were slightly lower at RMB 50,050-50,300/mt. Market started to experience an oversupply. 
 
 
 
SHFE copper price
spot copper price

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