SMM Copper Weekly Price Review and Forecast (21-25 Oct. 2013)

Oct 21, 2013 18:14

Source:SMM

Chinese A shares last week surrendered all gains from a week earlier, depressing any SHFE copper price rise.

SHANGHAI, Oct. 21 (SMM) – Chinese A shares last week surrendered all gains from a week earlier, depressing any SHFE copper price rise. SHFE copper prices did find buying support at RMB 51,300/mt and staged a strong rally to climb as high as RMB 52,660/mt on Thursday, helped by rising positions and increasing LME copper prices. However, prices met resistance at RMB 52,500/mt with the SHFE/LME copper price ratio falling. Traded volumes for SHFE copper exceeded 400,000 lots, and positions added nearly 10,000 lots.

In the spot market, the price difference between SHFE 1310 and 1311 copper contracts narrowed before the delivery date. After delivery, cargo-holders tried to quote premiums above RMB 100/mt, but ample supply caused premiums to fall. High-quality copper only traded at zero premiums in late week trading, while standard-quality copper was traded at discounts of around RMB 100/mt. In the spot market, traders were bargain hunting, while downstream producers purchased to order, resulting in thin trading.

SHFE copper price

spot copper price

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SMM Copper Weekly Price Review and Forecast (21-25 Oct. 2013)

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