SMM Copper Market Daily Review (2015-4-24)

Published: Apr 27, 2015 10:29 (GMT+8)

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The July-delivery SHFE copper became the most active one early Friday, and closed at RMB 230/mt higher at RMB 43,310/mt.

SHANGHAI, Apr. 25 (SMM) – The July-delivery SHFE copper became the most active one early Friday, and closed at RMB 230/mt higher at RMB 43,310/mt, with a session high at RMB 43,440/mt and the low end at RMB 43,200/mt. Trading volumes of SHFE 1507 copper contract declined 92,178 lots, while positions grew 1,258. SHFE 1506 copper contract ended at RMB 43,190/mt, up RMB 250/mt. SHFE copper stocks were reported down 22,550 mt last week to 208,285 mt

Spot premiums in the Shanghai copper market narrowed to RMB 140-200/mt Friday morning. Prices are RMB 43,550-43,700/mt for standard-quality copper and RMB 43,570-43,750/mt for high-quality copper.

Supply in spot copper market increased after imported copper flooded in with higher SHFE/LME copper price ratio and dealers selling actively. Spot premiums thus narrowed quickly. Traders were in a rush to sell when copper prices increased, but downstream producers only bought in small amounts. In the afternoon, most traders exited the market, leaving trades muted.

SHFE copper spot copper price

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