SMM Copper Market Daily Review (2015-5-29)

Published: Jun 1, 2015 10:05

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The August-delivery SHFE copper drifted higher at RMB 44,250/mt, and tested a high of RMB 44,320/mt last Friday.

SHANGHAI, Jun. 1 (SMM) – The August-delivery SHFE copper drifted higher at RMB 44,250/mt, and tested a high of RMB 44,320/mt last Friday. The prices then moved in a narrow range and closed at RMB 44,300/mt, up RMB 170/mt. SHFE 1508 copper positions grew 2,236, with trading volumes down 120,000 lots. Total SHFE copper positions fell by 20,482. SHFE reported a 6,582 mt decline in copper stocks to 156,053 mt last week.

Spot copper was quoted at premiums of RMB 20-60/mt to SHFE 1506 copper contract in Shanghai last Friday, with trading enlivened. Traded prices were RMB 44,420-44,460/mt for standard-quality copper and RMB 44,440-44,480/mt for high-quality copper.

Trading was quiet in spot copper market on the last trading day of May. A few traders bought at lows, but supply of low-priced goods was limited. Price difference between brands narrowed. Downstream buyers only watched from the sidelines.

SHFE copper prices SHFE copper

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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