SMM Copper Market Daily Review (2015-4-2)

SHANGHAI, Apr. 3 (SMM) – The SHFE copper for June delivery hit resistance at RMB 43,600/mt twice after starting Thursday’s daytime trading and closed at RMB 43,520/mt, up RMB 140/mt. Positions in the most active contract decreased 9388, while trading volumes rose by 28,526 lots. Trading on London Metal Exchange will be closed Friday.

Spot copper in Shanghai market quoted between a discount of RMB 20/mt and a premium of RMB 50/mt to SHFE 1504 copper contract Thursday morning, with standard-quality copper trading at RMB 43,400-43,630/mt and high-quality copper selling for RMB 43,450-43,650/mt.

Goods holders offered discounts of RMB 0-30/mt early today, luring traders into buying and enlivening transactions. Sellers then offered premiums of RMB 30-50/mt, and trading activities declined. Spot premiums were still heard even after a RMB 200/mt rally in SHFE copper. Prices for standard-quality copper remained firm due to limited supply. Some large trade houses built stocks.