SMM Copper Market Daily Review (2015-6-9)

SHANGHAI, Jun. 10 (SMM) – SHFE 1508 copper contract prices opened at RMB 43,100/mt for Monday’s night session and rose to RMB 43,240/mt. However, the prices failed to break through the 5-day moving average and finally ended at RMB 43,140/mt, up RMB 60/mt.

August-delivery SHFE copper contract stayed around RMB 43,180/mt during daytime trading Tuesday, and rose to RMB 43,350/mt before closing at RMB 43,250/mt, up RMB 170. Trading volumes dropped 79,928lots and positions were down 9,722.

Spot copper premiums in Shanghai remained at RMB 50-90/mt to SHFE 1506 copper contract Tuesday. Traded prices were RMB 43,380-43,460/mt for standard-quality copper and RMB 43,400-43,490/mt for high-quality copper.

SHFE copper prices moved narrowly early Tuesday, and cargo holders in spot market mainly watched from the sidelines. Supply grew at midday, but the amount of imported copper was limited. Traders were not active in making deals and downstream buyers also only purchased as needed in the morning. Some traders entered the market in the afternoon to buy on dips.