SMM Copper Market Daily Review (2015-9-2)

SHANGHAI, Sept. 6 (SMM) – On Tuesday night, SHFE 1511 copper opened at RMB 39,020/mt and then advanced to RMB 39,230/mt. Nonetheless, the price fell back later in response to slipping crude oil prices and closed the session at RMB 39,000/mt, sliding RMB 150/mt or 0.38%. Positions were up 3,314 with trading volumes totaling 111,000 lots.

SHFE copper finished Wednesday trading session at RMB 39,010/mt, down RMB 200/mt. Positions decreased 7,534 to 204,348 with trading volumes down 50,000 lots.

On Wednesday, spot copper traded between discounts of 40/mt and premiums of RMB 10/mt in Shanghai market. Standard-quality copper quoted RMB 39,150-39,220/mt and RMB 39,160-39,250/mt for high-quality copper.

Market was quiet before China’s Sept. 3-5 holiday for Beijing’s parade to celebrate the World War II victory. Early Sept. 2, traders held prices firm, leaving spot copper between discounts of RMB 30/mt and premiums of RMB 10/mt. But anemic trades drove spot premiums down and some high-quality copper prices were lowered first to push trades. During the second half trading session, spot copper was all offered at discounts. Even so, trades failed to pick up. Cautious sentiment loomed market before holiday.