[Cu Price] SMM Copper Market Daily Review (2015-7-17)

SHANGHAI, Jul. 20 (SMM) – SHFE 1509 copper contract reached RMB 40,650/mt on Friday but rolled back some gains later, to end at RMB 40,480/mt, growing RMB 50/mt or 0.12%. Trading volumes slipped 157,000 lots and positions fell 2,440.

SHFE announced that copper stocks in its warehouses grew 3,725 mt to 109,001 mt last week.

In spot market, some traders purchased for term contract in Shanghai, especially favoring hydro-copper and standard-quality copper. Near noon, cheap copper was hard to source with price gap between standard-quality and high-quality copper prices narrowing. Downstream buyers purchased as needed.

Spot copper was offered at a premium of RMB 190-260/mt over SHFE 1508 copper early Friday, but the premiums edged higher to RMB 210-270/mt in the afternoon. Traded prices were RMB 40,950-41,030/mt for standard-quality copper, versus RMB 40,980-41,080/mt for high-quality copper.