Pullback in Copper Leaves Downstream Producers Reluctant to Buy (August 28, 2014)-Shanghai Metals Market

Hot Keywords

  • Silicon
  • Inventory data
  • Nickel
  • Copper scrap
  • Rare earth
  • Macroeconomics
  • MMi Iron Ore Port Index
  • Zinc
  • Aluminium
  • provisional iron ore export permits
  • Production data
  • Futures movement
  • Copper
  • Market commentary
  • Evening comments

Pullback in Copper Leaves Downstream Producers Reluctant to Buy (August 28, 2014)

Price Review & Forecast 03:10:57PM Aug 28, 2014 Source:SMM

SHANGHAI, Aug. 28 (SMM) – In the Shanghai physical market, copper was offered Thursday at a RMB 70-160/mt premium over the SHFE 1409 copper contract. Traded prices were RMB 50,550-50,700/mt for standard-quality copper and RMB 50,600-50,750/mt for high-quality copper. As SHFE copper hovered initially in narrow ranges, cargo holders intended to hold prices firm, but few transactions were reported, with the price gap between high- and standard-quality copper close to zero. Spot premiums fell following a fall in SHFE copper, but the fall slowed due to some purchases by middlemen. Downstream producers remained reluctant to buy on cautious sentiment in the last two trading days of August. Spot copper premiums are projected to move in a narrower range for the near term.
 

Key Words:  spot copper prices  

Pullback in Copper Leaves Downstream Producers Reluctant to Buy (August 28, 2014)

Price Review & Forecast 03:10:57PM Aug 28, 2014 Source:SMM

SHANGHAI, Aug. 28 (SMM) – In the Shanghai physical market, copper was offered Thursday at a RMB 70-160/mt premium over the SHFE 1409 copper contract. Traded prices were RMB 50,550-50,700/mt for standard-quality copper and RMB 50,600-50,750/mt for high-quality copper. As SHFE copper hovered initially in narrow ranges, cargo holders intended to hold prices firm, but few transactions were reported, with the price gap between high- and standard-quality copper close to zero. Spot premiums fell following a fall in SHFE copper, but the fall slowed due to some purchases by middlemen. Downstream producers remained reluctant to buy on cautious sentiment in the last two trading days of August. Spot copper premiums are projected to move in a narrower range for the near term.
 

Key Words:  spot copper prices