SMM Copper Weekly Price Review and Forecast (May 11-15, 2015)

Published: May 11, 2015 18:04

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China’s stock market was volatile last week. SHFE copper jumped to touch 46,400/mt last Monday, up 3.5%.

SHANGHAI, May 11 (SMM) – China’s stock market was volatile last week. SHFE copper jumped to touch 46,400/mt last Monday, up 3.5%, but mounting resistance from RMB 46,000/mt and a shift of funds into other commodities – particularly nickel – caused copper prices to pull back. Positions in SHFE copper declined significantly. SMM expects SHFE copper to move between RMB 45,000-46,200/mt this week.

Rallying copper prices curbed spot trades in China last week, narrowing premiums in Shanghai, north China, and south China. Prices in Shandong held elevated due to smelter maintenances.

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 communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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