Home / Metal News / SMM Copper Market Daily Review (2015-6-25)

SMM Copper Market Daily Review (2015-6-25)

iconJun 26, 2015 09:04
Source:SMM
SHFE 1508 copper contract prices mainly stayed around RMB 41,930/mt Thursday and remained under resistance from RMB 42,000/mt.

SHANGHAI, Jun. 26 (SMM) – The most active SHFE copper contract opened at RMB 42,290/mt Wednesday night and rose to RMB 42,360/mt. But the prices then soon fell back with longs cutting positions and stabilized around RMB 41,600/mt before ending the session at RMB 41,970/mt, off by RMB 60/mt.

SHFE 1508 copper contract prices mainly stayed around RMB 41,930/mt Thursday and remained under resistance from RMB 42,000/mt. The 5% slump in China’s stock market dragged SHFE copper to RMB 41,800/mt before a lower ending at RMB 41,920/mt. The prices lost RMB 110/mt. Positions of the most active copper contract fell by 16,328, while SHFE 1509 copper contract positions increased 4,398.

Spot copper was offered at a premium of RMB 220-250/mt over SHFE 1507 copper in Shanghai market on Thursday. Standard-quality copper settled between RMB 42,280-42,320/mt while high-quality copper traded between RMB 42,300-42,350/mt.

Traded prices for standard-quality copper and hydro-copper quoted as high as high-quality copper prices. This mainly resulted from the shortage in standard-quality copper and hydro-copper. Some traders sourced goods in the market. Downstream buyers purchased less than before owing to tight liquidity. Therefore, trades remained soft.
 

SHFE copper prices
spot copper prices

For queries, please contact Lemon Zhao at lemonzhao@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news