SMM Copper Market Morning Review (2015-5-15)

Published: May 15, 2015 10:16

Save

LME copper prices failed to gain impetus from continued rebound in NYMEX gold and closed down USD 27/mt to end at USD 6,398/mt on Thursday.

SHANGHAI, May 15 (SMM) – LME copper prices failed to gain impetus from continued rebound in NYMEX gold and closed down USD 27/mt to end at USD 6,398/mt on Thursday.

The US dollar index continued to fall after Fed’s former Vice Chair killed the possibility of a June interest rate hike.

Nasdaq ended 1.39% higher, and Shanghai Composite Index rose by 0.06%. NYMEX gold for June delivery grew USD 7/oz to end at USD 1,225.2/oz.

China’s refined copper production was reported down to the lowest in a year, which may help bolster copper prices

SHFE 1507 copper contract prices opened at RMB 46,000/mt Thursday night, and tested a low of RMB 45,770/mt before ending at RMB 45,560/mt, down RMB 80/mt. Positions increased 6,130 and trading volumes dropped below 100,000 lots.

SHFE 1507 copper contract is expected to trade at RMB 45,600-46,100/mt on May 15. Spot copper may be offered at premiums of RMB 20-100/mt to SHFE 1505 copper contract in Shanghai.

copper prices london metal exchange SHFE night trading

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

26 mins ago

Geopolitical Dynamics Fluctuated Repeatedly, Copper Prices Stopped Falling and Recovered; Domestic Demand Supported Improving Destocking in China [SMM Macro Weekly Review]

26 mins ago

30 mins ago

Huazhong Copper Successfully Completes Load Trial of 650mm Copper Strip Milling Unit

On March 24, the load trial of the 650mm copper strip double-side milling unit for copper strip at Huazhong Copper Co., Ltd. was successfully completed, with all operating indicators of the equipment meeting the design standards.

30 mins ago

48 mins ago

Rio Tinto Aims to Start Arizona Copper Project by Mid-2030s, May Export Concentrate Due to US Smelting Challenges

Rio Tinto plans to begin operations at its Resolution Copper project in Arizona by the mid-2030s, but may export part of the concentrate due to challenging smelting economics in the US, a senior executive said. The company recently secured the necessary land after a long legal battle with the San Carlos Apache tribe. Resolution is expected to produce over 18 million tonnes of copper over its lifetime. Separately, Rio Tinto’s Diavik diamond mine in Canada has closed after 23 years of operation, with closure activities continuing through 2029.

48 mins ago