SMM Copper Weekly Price Review and Forecast (May. 4-8, 2015)

May 5, 2015 10:14

SHFE copper drifted higher but failed to advance further after a brief rally to RMB 44,230/mt with strong resistance at RMB 44,000/mt and support at RMB 43,500/mt.

SHANGHAI, May 5 (SMM) – SHFE copper drifted higher but failed to advance further after a brief rally to RMB 44,230/mt with strong resistance at RMB 44,000/mt and support at RMB 43,500/mt. Thus, SHFE/LME copper price ratio slipped from 7.2 to 7.17-7.18. Trading volumes declined before the May Day holiday, but technical indicators pointed upwards.

Imported copper flowed into China’s spot market when the SHFE/LME copper price ratio was relatively high last week, with more brands available for trading. Selling interest improved among traders by the end of the month, and the resultant growth in copper supply narrowed spot premiums.

SMM prediction is that SHFE copper may trade at RMB 43,200-44,200/mt this week.

SHFE copper

spot copper prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

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SMM Copper Weekly Price Review and Forecast (May. 4-8, 2015)

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