SMM Copper Market Daily Review (2015-5-14)

SHANGHAI, May 15 (SMM) – SHFE 1507 copper contract prices opened slightly lower at RMB 46,180/mt Wednesday night and fluctuated down to RMB 45,860/mt.

The most active SHFE copper contract hovered near RMB 45,900/mt Thursday and tested a low of RMB 45,770/mt and closed the daytime trading, down RMB 10/mt. SHFE 1507 copper contract positions decreased 6,202, and trading volumes grew 13,036 lots.

Spot copper was still offered at premiums of 10-90/mt to SHFE 1505 copper contract in Shanghai Thursday. Standard-quality copper traded at RMB 46,000-46,060/mt, and high-quality copper sold for RMB 46,040-46,100/mt.

Copper supply in spot market remained ample, preventing cargo holders from raising premiums. Trading activities declined further.