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

Hot Keywords

  • Zinc
  • Aluminium
  • Copper scrap
  • Primary lead
  • Copper
  • Customs data
  • Market commentary
  • Nickel
  • price forecast
  • Futures movement
  • MMi Iron Ore Port Index
  • Inventory data
  • Secondary lead
  • Morning comments
  • Evening comments

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

Price Review & Forecast 09:07:12AM Oct 29, 2013 Source:SMM

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.
 
 

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

Price Review & Forecast 09:07:12AM Oct 29, 2013 Source:SMM

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.