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SMM Copper Weekly Price Review and Forecast (Aug. 4-8, 2014)
Aug 5, 2014 11:33CST
Source:SMM
SHFE 1410 copper contract became the most active one last week. SHFE copper prices tested a low of RMB 50,000/mt early last week, but bounced back later to RMB 50,500/mt.

SHANGHAI, Aug. 4 (SMM) – Last week, Chinese A-shares soared 2.4% boosted by the news on the launch of cross-board stock trading between Shanghai and Hong Kong. In other news, the Central Economic Work Conference indicated the government’s determination to maintain economic growth.

SHFE 1410 copper contract became the most active one last week. SHFE copper prices tested a low of RMB 50,000/mt early last week, but bounced back later to RMB 50,500/mt. The SHFE/LME copper price ratio was low at 7.1. Trading activities waned last week, with both traded volumes and positions declining.

Trading volumes and positions may rebound and offer support to copper prices this week, with SHFE most active copper contract expected to move between RMB 50,200-51,200/mt.

Traders sourced spot goods at lows last week. Spot discount narrowed, particularly for standard-quality copper which gained favor among buyers. The price difference between standard and high-quality copper was down to about RMB 50/mt. A small premium was reported for high-quality copper in the latter half of the week as traders held prices firm.  

SHFE copper
spot copper prices

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