SMM Copper Market Daily Review (2015-5-12)

Published: May 13, 2015 08:55

Save

SHFE 1507 copper contract prices moved around RMB 45,700/mt Tuesday morning, but began rising in the afternoon to touch RMB 45,930/mt.

SHANGHAI, May 13 (SMM) – SHFE 1507 copper contract prices moved around RMB 45,700/mt Tuesday morning, but began rising in the afternoon to touch RMB 45,930/mt. The prices closed at RMB 45,830/mt, up RMB 50/mt. Trading volumes declined 85,276 lots, and positions dropped 4,022.

Spot copper quoted between a RMB 20/mt discount and a premium of RMB 90/mt to SHFE 1505 copper contract in Shanghai early May 12. Standard-quality copper traded at RMB 45,800-45,860/mt, and high-quality copper sold for RMB 45,820-45,920/mt.

Some speculators sourced goods in the market and some traders also purchased goods to deliver term contracts, helping lift spot premiums. Downstream buyers purchased at lows, enlivening spot trading. Traded prices were RMB 45,830-45,970/mt in the afternoon.

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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

Fed Governor Milan Pushes for Over 100 Basis Points Cut, Contradicts Barkin on Caution

Federal Reserve Governor Milan pointed out that it is necessary for the US Fed to cut interest rates by more than 100 basis points this year. At the same time, he is very much looking forward to the performance of Kevin Warsh as Fed Chairman. However, Richmond Fed President Barkin emphasized that monetary policy must remain cautious until inflation fully pulls back to the target level, thereby ensuring the stability of the labour market.

1 hour ago

Democratic Senators Demand Delay in Fed Nomination Amid Criminal Investigation

All 11 Democratic members of the US Senate Banking Committee jointly sent a letter to the committee's chairman, Tim Scott, requesting that all nomination processes for the prospective Fed Chairman, Kevin Warsh, be postponed until the criminal investigation into current Fed Chairman Powell and other board members is concluded. However, Scott stated that Warsh's confirmation was a done deal.

1 hour ago

Fed to Keep Large Banks' Capital Levels Unchanged, Postpones Stress Test Reforms Until 2027

The US Fed has announced that it will maintain the capital levels of large banks unchanged during the upcoming stress test cycle (corresponding to the 2026 cycle). At the same time, the US Fed is planning multidimensional reforms to this annual test, aiming to enhance its transparency. The US Fed's Vice Chair for Supervision, Bowman, revealed that adjustments to the stress capital buffer requirements for large banks will be postponed until 2027. This move is intended to provide the US Fed with sufficient time to evaluate potential flaws that may be exposed in its testing models when assessing banks' financial conditions under simulated economic downturn scenarios.

1 hour ago