SMM Copper Weekly Price Review and Forecast (Apr. 27-30, 2015)

SHANGHAI, Apr. 28 (SMM) – SHFE copper started at RMB 44,200/mt and then slipped to RMB 43,000/mt, down by 2%. Selling pressures strengthened at RMB 44,000/mt. SHFE 1507 copper contract became the most active one. Trading volumes declined 222,000 lots, and positions grew early but dropped over 17,000 on Friday. Trading activities declined during night session.

Many traders sourced goods in the market to deliver term contracts early last week, and supply of spot copper, particularly standard-quality and hydro-copper, tightened as a result. Spot premiums expanded in response.

SHFE copper will meet resistance at RMB 44,000/mt, testing support from RMB 43,000/mt.