SMM Copper Market Daily Review (2015-4-21)

SHANGHAI, Apr. 22 (SMM) – The most active SHFE copper contract moved narrowly after starting on Tuesday and fell by at the tail of trading to end down RMB 430/mt at RMB 43,370/mt. Trading volumes for the SHFE 1506 copper contract increased 3,094 lots and positions declined 18,430. Trading volumes of SHFE 1507 copper contract grew 7,468 lots, with positions up 8,210.

Spot copper was offered at premiums of RMB 90-150/mt to SHFE 1505 copper contract early on Tuesday, and were driven up to RMB 120-160/mt in the afternoon. Prices are RMB 43,600-43,660/mt for standard-quality copper and RMB 43,620-43,700/mt for high-quality copper.

Cargo holders continued to push up spot premiums. Most goods available in the market were high-quality copper, narrowing price spread between standard and high-quality copper. Transactions were few in the morning but increased near midday, with large traders entering market.