SMM Copper Market Morning Review (2015-2-9)

SHANGHAI, Feb. 9 (SMM) – LME copper prices tested a low of USD 5,646/mt and closed at USD 5,675/mt last Friday, down by USD 42.5/mt, or 0.74%. Positions increased 756, and trading volumes were 15,056 lots.

SHFE most-active copper contract opened at RMB 41,400/mt during night session last Friday, and climbed rapidly to RMB 41,600/mt. Later, however, the higher US dollar index weighed down copper prices and the April-delivery copper ended at RMB 41,300/mt, down RMB 20/mt. Trading volumes of the most active contract were around 270,000 lots, and positions decreased 7,126.

SHFE 1504 copper contract is expected to trade at RMB 41,100-41,700/mt on February 9. Spot copper will quote at discounts of RMB 0-80/mt.