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

Published: Jul 14, 2015 09:33

Save

SHFE 1509 copper started at RMB 40,410/mt during last Friday evening session and ended down RMB 200/mt or 0.49% at RMB 40,520/mt.

SHANGHAI, Jul. 14 (SMM) – SHFE 1509 copper started at RMB 40,410/mt during last Friday evening session and ended down RMB 200/mt or 0.49% at RMB 40,520/mt, with the session low at RMB 40,260/mt and the session high at RMB 40,630/mt. Positions declined 626 with trading volumes totaling 150,000 lots.

The most trading contract tested a low of RMB 39,740/mt on Monday and closed the day at RMB 40,130/mt, falling RMB 590/mt or 1.45%. Trading volumes of SHFE 1509 copper dropped 271,000 lots while positions rose 4,808. Trading volume of SHFE 1510 copper were down 45,514 lots while positions grew 15,456.

In Shanghai market, spot copper was offered RMB 40-120/mt higher than SHFE 1507 copper on Monday morning. Traded prices were RMB 40,860-40,960/mt for standard-quality copper and RMB 40,880-41,000/mt for high-quality copper. In the afternoon, the premiums narrowed further to only RMB 10-70/mt.

Price gap between SHFE 1507 and 1508 copper widened above RMB 500/mt. Traders cut their price offers with the upcoming deliver day, increasing supply. The availability of imported goods also grew in market. Buyers made inquiries but limited transactions were made. Some traders purchased for term contracts and few speculators entered market, waiting for further price falls. Downstream buyers planned to purchase after the delivery.

SHFE copper prices spot copper prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

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

Related News

10 hours ago

"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"

Premier Li Qiang presided over an executive meeting of the State Council to study policy measures for promoting effective investment. The meeting noted that promoting effective investment plays an important role in stabilizing economic growth and strengthening momentum for development. It is necessary to innovate and improve policy measures, and intensify efforts to enhance the efficiency of utilizing funds such as central budget investments, ultra-long-term special treasury bonds, local government special bonds, and new-type policy-based financial instruments. In conjunction with formulating and implementing the 15th Five-Year Plan

10 hours ago

"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the plenary sessions of the Party’s 20th Central Committee, fully and faithfully apply the new development philosophy, strengthen top-level design, build computing power interconnection nodes oriented toward national hub periods, major strategic regions, and key industries, establish a system of computing power interconnection nodes, improve the efficiency and service level of public computing power resources, and promote high-quality development of computing power.

10 hours ago

Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions

After intensive indirect consultations, the new round of nuclear talks between Iran and the US in Muscat, the capital of Oman, has achieved phased progress. It is reported that during this round of talks, the Iranian and US delegations did not meet directly. Instead, Omani Foreign Minister Badr acted as an intermediary, conveying a series of core proposals, strategic concerns, and policy positions to the other side. The atmosphere at the talks was tense yet efficient. According to preliminary on-site assessments, although both sides continue to negotiate over specific terms, they have reached a consensus on the key objective of "continuing dialogue."

10 hours ago