SMM Copper Market Morning Review (2014-7-8)

SHANGHAI, Jul. 8 (SMM) – LME three-month copper fell during Asian trading hours on Monday, but leveled out later and closed down USD 14/mt at USD 7,140/mt, with support solid at 5-day moving average. CFTC report indicated a 10,441-lot increase in long positions in Comex copper to 24,767 lots.

The September copper on SHFE started at RMB 51,000/mt during Monday’s night session, and met resistance at RMB 51,100/mt before ending at RMB 50,930/mt, down RMB 80/mt. Traded volumes for the most active SHFE copper contract increased to 180,000 lots. Positions in the September copper contract rose by 13,670 lots.

On July 8, SHFE 1409 copper contract prices are expected to move between RMB 50,700-51,500/mt. Spot copper may be offered between a discount of RMB 80/mt and a premium of RMB 30/mt to SHFE 1407 copper contract prices.