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SMM Copper Market Daily Review (2015-6-18)

iconJun 19, 2015 09:07
Source:SMM
August-delivery SHFE copper contract bounced back Thursday as shorts closed positions.

SHANGHAI, Jun. 19 (SMM) – SHFE 1508 copper contract prices started at RMB 41,940/mt for night trading Wednesday and fell to RMB 41,620/mt before closing at RMB 41,670/mt, down RMB 190/mt.

August-delivery SHFE copper contract bounced back Thursday as shorts closed positions, touching RMB 42,240/mt in the afternoon and ending the daytime trading at RMB 42,080/mt, up RMB 220/mt. Positions declined 10,658 and trading volumes grew 8,194 lots.

Spot copper quoted at premiums of RMB 200-220/mt to SHFE 1507 copper contract Thursday morning. Traded prices were RMB 42,240-42,520/mt for standard-quality copper and RMB 42,260-42,560/mt for high-quality copper.

Goods holders offered higher spot premiums after SHFE copper bounced back, and low-priced goods were soon consumed. Later, low selling interest left tight supply in the market. Dealers sourced goods actively and some downstream buyers also entered the market with prices leveling out, enlivening spot market.
 

SHFE copper prices

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