SMM Copper Market Daily Review (2013-11-29)-Shanghai Metals Market

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SMM Copper Market Daily Review (2013-11-29)

Price Review & Forecast 09:13:14AM Dec 02, 2013 Source:SMM

SHANGHAI, Dec. 2 (SMM) – SHFE 1402 copper contract started RMB 110/mt higher at RMB 50,600/mt on November 29, supported by rising LME copper. The most active contract traded sideways in the morning session, but showed increasing volatility in the afternoon, falling to RMB 50,520/mt before rebounding to RMB 50,740/mt. The red metal ended the day up RMB 110/mt or 0.22% at RMB 50,600/mt. Trading volumes and positions contracted 31,538 lots and 4,614 lots, respectively. SHFE copper for February delivery is expected to test support at the 5-day moving average. SHFE copper stocks were down 3,131 mt to 148,670 mt last week, and the falling stocks may help support domestic copper prices on the horizon. 

Spot copper in Shanghai was quoted at a premium of RMB 50-120/mt over SHFE 1312 copper contract on Friday. Traded prices were RMB 50,820-50,880/mt for standard-quality copper, and RMB 50,860-50,920/mt for high-quality copper. Most cargo holders held offers firm. A few traders with more capital entered the market, while downstream producers continued to hold to the sidelines against tightening cash by month’s end. Quotes in spot copper market remained unchanged in the afternoon, and trading was still quiet. 
 

Price

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#1 Refined Cu
Apr.24
49045.0
-145.0
(-0.29%)
Aluminum Ingot
Apr.24
14150.0
-50.0
(-0.35%)
#1 Lead
Apr.24
16500.0
-75.0
(-0.45%)
0# Zinc
Apr.24
21760.0
-160.0
(-0.73%)
#1 Tin Ingot
Apr.24
146500.0
-250.0
(-0.17%)

SMM Copper Market Daily Review (2013-11-29)

Price Review & Forecast 09:13:14AM Dec 02, 2013 Source:SMM

SHANGHAI, Dec. 2 (SMM) – SHFE 1402 copper contract started RMB 110/mt higher at RMB 50,600/mt on November 29, supported by rising LME copper. The most active contract traded sideways in the morning session, but showed increasing volatility in the afternoon, falling to RMB 50,520/mt before rebounding to RMB 50,740/mt. The red metal ended the day up RMB 110/mt or 0.22% at RMB 50,600/mt. Trading volumes and positions contracted 31,538 lots and 4,614 lots, respectively. SHFE copper for February delivery is expected to test support at the 5-day moving average. SHFE copper stocks were down 3,131 mt to 148,670 mt last week, and the falling stocks may help support domestic copper prices on the horizon. 

Spot copper in Shanghai was quoted at a premium of RMB 50-120/mt over SHFE 1312 copper contract on Friday. Traded prices were RMB 50,820-50,880/mt for standard-quality copper, and RMB 50,860-50,920/mt for high-quality copper. Most cargo holders held offers firm. A few traders with more capital entered the market, while downstream producers continued to hold to the sidelines against tightening cash by month’s end. Quotes in spot copper market remained unchanged in the afternoon, and trading was still quiet.