SMM Copper Weekly Price Review and Forecast (Apr. 7-10, 2015)

SHANGHAI, Apr. 7 (SMM) – Chinese stocks climbed above 3,800 following big swings last week, but iron ore and rebar prices continued to trend down. SHFE copper prices moved between RMB 43,000-43,500/mt, with the SHFE/LME copper price ratio increasing. Trading volumes of SHFE copper contracts declined. Positions soared early last week but shrank later with investors exiting the market before the Tomb Sweeping Day holiday (April 4-6). SHFE copper prices may move between RMB 42,850-44,000/mt.

Limited supply of low-priced goods and increased purchasing volumes of dealer caused spot discounts in China’s copper market to narrow, with premiums heard late last week.