Metals News
SMM Copper Market Daily Review (2015-9-10)
price review forecast
Sep 11,2015

SHANGHAI, Sept. 11 (SMM) –LME copper fell back from highs overnight. This allowed SHFE 1511 copper to start slightly higher but trend lower during Wednesday evening session. SHFE copper started at RMB 41,220/mt and then moved lower to RMB 40,840/mt after meeting resistance at moving average. Finally, the red metal closed RMB 60/mt higher at RMB 40,880/mt. Positions declined 1,416 to 231,798 with trading volumes around 280,000 lots.

The contract moved stably around RMB 40,800/mt Thursday morning with a lower session-start in Chinese stock market and then followed LME copper up to RMB 41,000/mt before ending at RMB 41,060/mt, up by RMB 240/mt or 0.59%. Positions declined 2,374 to 230,840 and trading volumes decreased 258,000 lots.

In Shanghai market, spot copper was offered RMB 20-60/mt below SHFE 1509 copper on Thursday, versus RMB 40,800-40,880/mt for standard-quality copper and RMB 40,820-40,900/mt for high-quality copper.

Market supply stabilized on Thursday. Huge amount of high-quality copper forced them to be traded at lows while standard-quality copper and hydro-copper enjoys high popularity. Traders thus were unwilling to sell standard-quality copper at lows but meanwhile the prices were hard to be raised further. Low prices attracted downstream buyers to enter market. Prices diverged a lot between different brand copper and this allowed transactions to be mixed. Trading activity among traders declined. 

SHFE copper prices
spot copper prices
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