SMM Copper Market Daily Review (2015-7-3)

SHANGHAI, Jul. 6 (SMM) – SHFE 1509 copper contract prices fell to RMB 42,120/mt after opening on Friday and then rose back to RMB 42,400/mt. The prices finally closed the daytime trading at RMB 42,380/mt, up RMB 190/mt. Trading volumes of the most active SHFE copper contract grew 7,132 lots and positions increased 1,724. SHFE reported copper inventories in its approved warehouses declined 11,404 mt to 101,517 mt last week.

Traded prices were RMB 42,700-42,860/mt for standard-quality copper Friday in Shanghai market, versus RMB 42,720-42,900/mt for high-quality copper, price gap narrowing. This was mainly because standard-quality copper and hydro-copper favored by some speculators were hard to source with high-quality copper prices staying stable.

Spot copper was offered at a premium of RMB 230-270/mt over SHFE 1507 copper today. Price gap between SHFE 1507 and 1508 copper widened above RMB 100/mt with futures prices rose near noon. Cargo holders left their quotes unchanged for copper. Trading was still quiet in market.