SMM Copper Market Daily Review (2015-6-16)

SHANGHAI, Jun. 17 (SMM) – SHFE 1508 copper contract prices opened at RMB 42,120/mt for night trading Monday and closed down RMB 310/mt at RMB 42,210/mt regardless of a weaker dollar.

August-delivery SHFE copper contract stabilized during daytime trading Tuesday but was still under resistance from RMB 42,380/mt. Falling Chinese shares dragged prices down in the afternoon, and the most active SHFE copper contract ended at RMB 42,150/mt, down RMB 370/mt. Positions were slashed 3,254 lot, and trading volumes grew 8,262 lots.

Spot copper quoted at premiums of RMB 100-150/mt to SHFE 1507 copper contract early Tuesday. Traded prices were RMB 42,420-42,580/mt for standard-quality copper and RMB 42,450-42,600/mt for high-quality copper.

Trades improved with SHFE copper prices on the way down, especially between dealers. Guixi brand was offered at low prices. Downstream producers also sourced goods in the market and still favored standard-quality copper and hydro-copper.