SMM Copper Market Morning Review (2015-7-13)

SHANGHAI, Jul. 13 (SMM) – LME copper prices tested a low of USD 5,555/mt and ended down USD 33/mt at USD 5,582/mt last Friday, as doubts remained over Greek debt issue and sustainability of China’s stock rebound.   

LME copper inventories continued to grow and inventories at SHFE approved warehouses also snapped a rising streak starting from early April to post a more than 3,000 mt increase last week.

SHFE 1509 copper contract opened at RMB 40,410/mt Friday night and ended down RMB 200/mt at RMB 40,520/mt, with high-end at RMB 40,630/mt and lowest price at RMB 40,260/mt. Positions declined 626 and trading volumes were about 150,000 lots.

SHFE 1509 copper contract may trade at RMB 39,800-40,800/mt on July 13. Spot premiums will narrow to RMB 120-150/mt to SHFE 1507 copper contract as cargo holders are in a hurry to sell before delivery date.