SMM Copper Market Daily Review (2015-8-21)

Published: Aug 24, 2015 08:59

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SHFE 1510 copper contract gapped higher at RMB 39,020/mt for night trading Thursday.

SHANGHAI, Aug. 24 (SMM) – SHFE 1510 copper contract gapped higher at RMB 39,020/mt for night trading Thursday, and ended the session at RMB 39,050/mt, with the session high at RMB 39,220/mt and low end price at RMB 38,910/mt. Positions declined 936, and trading volumes were around 180,000 lots.

SHFE copper met resistance at RMB 39,100/mt during Friday trading session and retreated some earlier gains, to close at RMB 38,940/mt, up by RMB 380/mt or 0.99%. Trading volumes declined 15,000 lots and positions were down 7,918.

Spot copper traded between discounts of RMB 30/mt and premiums of RMB 30/mt in Shanghai on Friday. Trades prices were RMB 39,130-39,180/mt for standard-quality copper and RMB 39,150-39,230/mt for high-quality copper.

Cargo holders moved goods out to book profits. Spot premiums narrowed modestly while spot discounts on standard-quality copper appeared. Some traders sourced cheap copper. Meanwhile, downstream buyers purchased as needed. Spot supply stayed sufficient in market and price gap between different brands remained small.

SHFE copper prices spot copper prices

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