[Cu Price] SMM Copper Market Daily Review (2015-7-27)

Published: Jul 28, 2015 09:48

Save

The most active contract moved in a narrow range of RMB 38,100-38,300/mt on Monday and dipped to RMB 37,940/mt due to China’s falling stocks, to close at RMB 37,980/mt.

SHANGHAI, Jul. 27 (SMM) –The most active contract moved in a narrow range of RMB 38,100-38,300/mt on Monday and dipped to RMB 37,940/mt due to China’s falling stocks, to close at RMB 37,980/mt, down by RMB 140/mt or 0.37%.

Spot copper was offered at premiums of RMB 330-410/mt over SHFE 1508 copper early Monday. Traded prices were RMB 39,160- 39,240/mt for standard-quality copper and RMB 39,220-39,300/mt for high-quality copper in Shanghai.

More imported hydro-copper and standard-quality copper flowed into market, driving spot supply up, while t trades were worse than last week. Traders started to lower spot premiums to stimulus trades. But high-quality copper held firm and the price gap widened between high-quality and standard-quality copper. Limited profits were left for traders and thus they remained cautious. Downstream buyers were resultant to buy after building stocks last week. Market thus saw light trades. Spot premiums fell to RMB 280-400/mt in the afternoon.

SHFE copper prices spot copper prices Cu price

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

1 hour ago

Fed Governor Milan Pushes for Over 100 Basis Points Cut, Contradicts Barkin on Caution

Federal Reserve Governor Milan pointed out that it is necessary for the US Fed to cut interest rates by more than 100 basis points this year. At the same time, he is very much looking forward to the performance of Kevin Warsh as Fed Chairman. However, Richmond Fed President Barkin emphasized that monetary policy must remain cautious until inflation fully pulls back to the target level, thereby ensuring the stability of the labour market.

1 hour ago

2 hours ago

Democratic Senators Demand Delay in Fed Nomination Amid Criminal Investigation

All 11 Democratic members of the US Senate Banking Committee jointly sent a letter to the committee's chairman, Tim Scott, requesting that all nomination processes for the prospective Fed Chairman, Kevin Warsh, be postponed until the criminal investigation into current Fed Chairman Powell and other board members is concluded. However, Scott stated that Warsh's confirmation was a done deal.

2 hours ago

Fed to Keep Large Banks' Capital Levels Unchanged, Postpones Stress Test Reforms Until 2027

The US Fed has announced that it will maintain the capital levels of large banks unchanged during the upcoming stress test cycle (corresponding to the 2026 cycle). At the same time, the US Fed is planning multidimensional reforms to this annual test, aiming to enhance its transparency. The US Fed's Vice Chair for Supervision, Bowman, revealed that adjustments to the stress capital buffer requirements for large banks will be postponed until 2027. This move is intended to provide the US Fed with sufficient time to evaluate potential flaws that may be exposed in its testing models when assessing banks' financial conditions under simulated economic downturn scenarios.

2 hours ago