SMM Copper Market Morning Review (2015-3-19)

SHANGHAI, Mar. 19 (SMM) – LME copper prices hit a low of USD 5,625/mt and closed at USD 5,713/mt Wednesday. The US dollar index declined to 97 after the Fed’s policy meeting, allowing gold and crude oil to rally.

SHFE most-active copper contract started lower at RMB 41,430/mt for Wednesday’s night session and moved lower to RMB 41,120/mt. The prices ended the session at RMB 41,310/mt, down RMB 810/mt. Positions in the May delivery copper declined 1,930, and trading volumes increased to 240,000 lots.

SHFE 1505 copper contract should trade at RMB 41,100-41,800/mt on March 19. Spot copper may be quoted at discounts of RMB 100-160/mt to SHFE 1504 copper contract.