SMM Copper Market Daily Review (2015-2-25)

SHANGHAI, Feb. 26 (SMM) –Strong LME copper during the Chinese New Year holiday allowed SHFE 1505 copper contract to open slightly higher at RMB 42,160/mt on the first day after the holiday. But the most active contract was dragged down by other base metals to RMB 41,900/mt, and closed the day down RMB 30/mt or 0.07% at RMB 41,900/mt. Trading volumes fell 28,320 lots, with positions up 20,336. Technically, the red metal is facing downward pressure.    

 

Trading activity in Shanghai spot copper market was thin as most market players have yet to return from the week-long holiday. Spot copper was offered at discounts of RMB 100-180/mt over SHFE 1503 copper contract. Standard-quality copper traded between RMB 41,970-42,070/mt, and RMB 42,000-42,130/mt for high-quality copper. In the afternoon, traded prices slipped to RMB 41,950-42,080/mt.