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SMM Copper Weekly Price Review and Forecast (28 Oct.-1 Nov. 2013)

iconOct 29, 2013 09:07
Source:SMM
SHFE copper followed LME copper trends last week, falling after initially rising, dragged down by liquidity shortages and the drops across financial market.

SHANGHAI, Oct. 29 (SMM) – Chinese A-shares lost 1.4% last week. SHFE copper followed LME copper trends, falling after initially rising, dragged down by liquidity shortages and the drops across financial market. SHFE copper prices fell below RMB 51,500/mt after meeting resistance at RMB 52,600/mt, and even as low as RMB 51,100/mt, before ending the week down 2%. The SHFE/LME copper price ratio fell significantly, while positions for SHFE copper increased. Some investors now intend to sell goods to avoid further losses.

 
In the spot market, discounts expanded and some traders and downstream producers entered the market after prices fell below RMB 52,000/mt in late week trading. Transactions were up, but oversupply pressure remains strong.
 
 
SHFE copper
spot copper price

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