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SMM Copper Market Daily Review (2015-7-9)
Jul 10,2015 09:02CST
price review forecast
Source:SMM
The most traded SHFE copper contract reached RMB 40,800/mt with shorts leaving market during Thursday morning session.

SHANGHAI, Jul. 10 (SMM) – SHFE 1509 copper rose to RMB 40,790/mt after opening Wednesday night at RMB 38,650/mt. The contract stayed above RMB 39,780/mt later and closed up RMB 1,410/mt or 3.66% at RMB 39,960/mt. Trading volumes were 490,000 lots and positions fell 31,966. 

Panic sentiment in China’s stock market eased some. The most traded SHFE copper contract reached RMB 40,800/mt with shorts leaving market during Thursday morning session. In the afternoon, SHFE 1509 copper contract extended gains and ended at RMB 40,470/mt, up RMB 1,920/mt or 4.98%. Positions of SHFE 1509 copper declined 53,152 and trading volumes fell 368,000 lots.

Spot copper was offered at a premium of RMB 180-230/mt in Shanghai early Thursday. Standard-quality copper traded at RMB 41,000-41,350/mt and RMB 41,020-41,400/mt for high-quality copper. Spot premiums narrowed to RMB 170-200/mt in the afternoon.

Speculators rushed to move goods out, driving spot supply up. In response, spot premiums continued to narrow. Some traders hunted goods at lows while downstream buyers stayed cautious. 


SHFE copper prices
spot copper prices

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