SMM Copper Market Daily Review (2013-10-22)-Shanghai Metals Market

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SMM Copper Market Daily Review (2013-10-22)

Price Review & Forecast 09:11:10AM Oct 23, 2013 Source:SMM

SHANGHAI, Oct. 23 (SMM) – Copper for delivery in January on the Shanghai Futures Exchange (SHFE), the most active one, opened RMB 160/mt higher at RMB 52,260/mt on Tuesday. The red metal drifted higher to RMB 52,370/mt before presenting a fall-off due since LME copper was weighed down and since China’s A-shares dropped nearly 1%. SHFE 1401 copper contract hovered around the daily moving average for most time of the afternoon session, with the low-end price at RMB 52,120/mt. Finally, SHFE copper for January delivery closed up RMB 60/mt or 0.12% at RMB 52,160/mt. Trading volumes and positions dropped 43,164 lots and 396 lots, respectively. Investors were cautious, waiting for guides from LME copper following the data release. 

 
Spot copper in Shanghai was quoted at a contango of RMB 0-150/mt and a backwardation of RMB 0-30/mt over SHFE 1311 copper contract on Tuesday. Traded prices were RMB 52,220-52,280/mt for standard-quality copper, and RMB 52,280-52,380/mt for high-quality copper. Tightening cash left cargo holders anxious to sell at lower prices. Those who provide invoices were able to sell at higher prices. Traders went bargain hunting, while downstream producers exhibited low interest. In the afternoon, contango for spot copper expanded to RMB 50-170/mt on supply glut, with traded prices between RMB 52,200-52,350/mt.
 

SMM Copper Market Daily Review (2013-10-22)

Price Review & Forecast 09:11:10AM Oct 23, 2013 Source:SMM

SHANGHAI, Oct. 23 (SMM) – Copper for delivery in January on the Shanghai Futures Exchange (SHFE), the most active one, opened RMB 160/mt higher at RMB 52,260/mt on Tuesday. The red metal drifted higher to RMB 52,370/mt before presenting a fall-off due since LME copper was weighed down and since China’s A-shares dropped nearly 1%. SHFE 1401 copper contract hovered around the daily moving average for most time of the afternoon session, with the low-end price at RMB 52,120/mt. Finally, SHFE copper for January delivery closed up RMB 60/mt or 0.12% at RMB 52,160/mt. Trading volumes and positions dropped 43,164 lots and 396 lots, respectively. Investors were cautious, waiting for guides from LME copper following the data release. 

 
Spot copper in Shanghai was quoted at a contango of RMB 0-150/mt and a backwardation of RMB 0-30/mt over SHFE 1311 copper contract on Tuesday. Traded prices were RMB 52,220-52,280/mt for standard-quality copper, and RMB 52,280-52,380/mt for high-quality copper. Tightening cash left cargo holders anxious to sell at lower prices. Those who provide invoices were able to sell at higher prices. Traders went bargain hunting, while downstream producers exhibited low interest. In the afternoon, contango for spot copper expanded to RMB 50-170/mt on supply glut, with traded prices between RMB 52,200-52,350/mt.