[Cu Price] SMM Copper Market Daily Review (2015-7-31)

Published: Aug 3, 2015 09:32

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Last Friday, SHFE 1510 copper contract moved around RMB 39,350/mt during daytime trading and fell to RMB 38,190/mt after meeting resistance.

SHANGHAI, Aug. 3 (SMM) – Last Friday, SHFE 1510 copper contract moved around RMB 39,350/mt during daytime trading and fell to RMB 38,190/mt after meeting resistance from RMB 38,640/mt to end at RMB 38,250/mt, down RMB 430/mt or 1.11%. Trading volumes fell 17,300 lots but positions rose 12,806.

Copper inventories in SHFE approved warehouses grew 1,866 mt to 103,117 mt, as imported copper flooded in after the SHFE/LME copper price ratio increased.

Spot premiums SHFE 1508 copper in Shanghai in China’s copper market were RMB 50-120/mt early Friday but slipped to RMB 20-60/mt at one point in the afternoon as month-end cash crunch prompted cargo holders to sell aggressively. Some traders entered the market after premiums fell, allowing spot premiums to rebound to RMB 50-100/mt later.

Traded prices were RMB 38,940-39,020/mt for standard-quality copper and RMB 38,960-39,060/mt for high-quality copper.

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.

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