Home / Metal News / Lead / SMM Copper Market Daily Review (2013-11-7)
SMM Copper Market Daily Review (2013-11-7)
Nov 8,2013 09:36CST
price review forecast
Source:SMM
SHFE 1401 copper contract prices opened RMB 170/mt lower at RMB 51,350/mt on Thursday.

SHANGHAI, Nov. 8 (SMM) – SHFE 1401 copper contract prices opened RMB 170/mt lower at RMB 51,350/mt on Thursday. The red metal drifted lower to RMB 51,250/mt as shorts liquidated positions, but followed LME copper up above the daily moving average, regaining earlier losses. However, the prices remained under the resistance at RMB 51,530/mt. SHFE 1401 copper contract shed RMB 30/mt or 0.06% to close at RMB 51,490/mt. Trading volumes and positions plunged by 38,652 lots and 5,518 lots, respectively. 

 
Spot copper in Shanghai was quoted at a contango of RMB 0-50/mt and a backwardation of RMB 0-50/mt over SHFE 1311 copper contract. Traded prices were RMB 51,440-51,520/mt for standard-quality copper, and RMB 51,480-51,600/mt for high-quality copper. High-quality copper was offered at a backwardation. Suppliers held back goods at low prices. Some traders went bargain hunting in the morning, while downstream producers purchased on an as-needed basis. In the afternoon, some sellers in spot markets lowered quotations, but others held prices firm, leaving quotes in the market unchanged. Traded prices rose to RMB 51,550-51,700/mt. Supplies increased, and transactions remained modest.
 
SHFE copper
spot copper prices

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news