SMM Tin Weekly Price Review and Forecast (Apr. 13-15, 2015)

[SMM Henan Copper Cathode Flash] The purchasing sentiment index in the Henan copper cathode market was reported at 2.6 today. Spot cargo available in the market was limited, and some downstream buyers mainly engaged in just-in-time procurement. Overall trading activity in the market was average.

During the day, the SHFE copper 2604 contract declined somewhat, with its trading range shifting lower to around 98,100-98,500 yuan/mt. According to SMM communications, after the center of copper prices moved lower, market buying interest recovered markedly. Downstream processing enterprises reported that order volumes from end-users had risen recently, and they were actively replenishing raw material inventory amid the pullback in copper prices. At the same time, upstream smelters also reported strong buying sentiment in the spot market, with relatively active downstream procurement and smooth overall transactions. This round of pullback in copper prices stimulated previously suppressed restocking demand, and downstream enterprises showed strong willingness to buy the dip.