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SMM Copper Market Daily Review (2015-4-29)
Apr 30,2015 09:20CST
price review forecast
Source:SMM
The July-delivery SHFE copper fell below RMB 44,000/mt soon after opening on Wednesday and hit a low of RMB 43,730/mt.

SHANGHAI, Apr. 30 (SMM) –The July-delivery SHFE copper fell below RMB 44,000/mt soon after opening on Wednesday and hit a low of RMB 43,730/mt. In the afternoon, stock market rally helped drive the prices up briefly, but the most active contract fell back again and ended down RMB 120/mt at RMB 43,730/mt. Positions increased 33,840 and trading volumes declined 6,238 lots. SHFE copper suffered selling pressure with longs booking profits at highs.

Spot copper quoted at premiums of RMB 100-150/mt in Shanghai Wednesday morning. Standard-quality copper traded at RMB 44,120-44,160/mt, and high-quality copper sold for RMB 44,140-44,200/mt.

Supply was ample in spot copper market, and dealers rarely entered the market. Downstream buyers seldom purchased due to tight cash. Spot premiums were offered at premiums of RMB 70-130/mt in the afternoon, and some traders and downstream buyers purchased at lows.

 

SHFE copper
spot copper prices

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