SMM Copper Market Daily Review (2015-9-15)

Published: Sep 16, 2015 08:53

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For night trading Monday, SHFE 1511 copper started lower at RMB 40,510/mt with LME copper falling below the 5 and 60-day moving averages overnight.

SHANGHAI, Sept. 16 (SMM) – For night trading Monday, SHFE 1511 copper started lower at RMB 40,510/mt with LME copper falling below the 5 and 60-day moving averages overnight. November-delivery copper on the SHFE later advanced to RMB 40,690/mt before dipping to RMB 40,340/mt, to end the session down RMB 400/mt at RMB 40,470/mt. Positions decreased 5,266 to 199,938 and trading volumes were around 210,000 lots.

SHFE copper slid below RMB 40,550/mt on Tuesday due to weakness in Chinese stock market. Near the session’s end, the red metal touched an intra-day low of RMB 40,290/mt before closing at RMB 40,320/mt, down by RMB 550/mt. Positions declined 4,204 to 476,206 and trading volumes decreased 20,000 lots. Shorts grew slightly in market.

In Shanghai market, spot copper traded RMB 0-50/mt above SHFE 1509 copper on Tuesday. Traded prices were RMB 40,600-40,720/mt for standard-quality copper, versus RMB 40,640-40,760/mt for high-quality copper.

SHFE copper prices dropped today. Traders refused to sell copper at discounts on the last trading day for SHFE 1509 copper. High-quality copper was more favored in market, driving its premiums up gradually. Downstream buyers purchased as needed. Consequently, trading activity was active initially but later declined.

SHFE copper prices spot copper prices

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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