SMM Copper Market Daily Review (2015-5-7)

SHANGHAI, May 8 (SMM) – SHFE 1507 copper contract prices started higher at RMB 46,170/mt Wednesday night and ended down RMB 110/mt at RMB 45,980/mt. The July-delivery copper moved around RMB 45,700/mt Thursday morning and edged higher in the afternoon to end at RMB 45,860/mt, down RMB 230/mt. Trading volumes fell 112,000 lots, and positions were down 16,984.

Spot copper quoted between a RMB 50/mt discount and a premiums of RMB 10/mt to SHFE 1505 copper contract in Shanghai early May 7. Standard-quality copper traded at RMB 45,800-45,850/mt, and high-quality copper sold for RMB 45,820-45,900/mt.

Spot copper supply remained ample, and suppliers mostly offered at discounts in the morning, luring some intermediaries into buying. Thus, spot trades picked up some. Downstream buyers also entered the market after copper prices dropped. Traded prices edged higher to RMB 45,900-46,020/mt in the afternoon.