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SMM Copper Market Daily Review (2013-7-24)
Jul 25,2013 09:03CST
price review forecast
Source:SMM
SHFE 1311 copper contract opened RMB 120/mt higher at RMB 50,560/mt on Wednesday.
SHANGHAI, Jul. 25 (SMM) – SHFE 1311 copper contract opened RMB 120/mt higher at RMB 50,560/mt on Wednesday. The most active contract climbed to RMB 50,670/mt after its opening, but slumped to RMB 50,150/mt in the afternoon due to disappointing HSBC’s flash China manufacturing PMI for July, falling LME copper prices and plunging A-shares. SHFE copper for November delivery did reverse losses at the tail of the session as short sellers closed positions, and closed at RMB 50,530/mt, up RMB 90/mt or 0.18%. Trading volumes increased by 80,684 lots, but positions decreased by 11,212 lots.  
 
Spot copper in Shanghai was quoted at a premium of RMB 150-370/mt over SHFE 1308 copper contract prices on Wednesday. Traded prices for standard-quality copper were between RMB 50,850-51,000/mt, and RMB 51,050-51,250/mt for high-quality copper. HSBC flash China manufacturing PMI for July continued to drop, causing SHFE 1311 copper contract to fall back after a high opening. Middlemen began to sell goods at hand. Cargo holders cut spot premium. Downstream producers also refrained from buying against volatile copper prices. In the afternoon, premiums for spot copper were mainly at RMB 130-350/mt, but transactions were still limited, with traded prices at RMB 50,850-51,300/mt. Quotations vary from brand to brand, and this situation is expected to last through next week.
 
SHFE copper price
spot copper prices

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