SMM Copper Market Morning Review (2015-4-22)

SHANGHAI, Apr. 22 (SMM) – LME copper prices closed down USD 59/mt at USD 5,933/mt on Tuesday. US shares were mixed with investors pondering company performance and M&As.

SHFE 1506 copper contract started lower at RMB 43,180/mt during night session Tuesday, and stabilized at RMB 43,250/mt. The June-delivery copper closed at RMB 43,200/mt after touching a session-high of RMB 43,360/mt, down RMB 160/mt. Positions in the most active contract declined 100 and trading volumes were only about 80,000 lots. SHFE copper has found support at RMB 43,000/mt.

SHFE 1506 copper contract may trade at RMB 43,000-43,500/mt on April 22. Spot copper may be offered at premiums of RMB 120-170/mt to SHFE 1505 copper contract in Shanghai.