SMM Copper Market Morning Review (2015-9-21)

Published: Sep 21, 2015 10:18

Save

LME copper immediately lurched down after the open of European and US trading hours due to worries about soft global economy growth.

SHANGHAI, Sept. 21 (SMM) – LME copper immediately lurched down after the open of European and US trading hours due to worries about soft global economy growth, igniting by the unchanged US interest rate. LME copper finally ended at a session low of USD 5,233/mt, slumping USD 162/mt or 3%.

SHFE 1511 copper gapped lower at RMB 40,370/mt last Friday evening responding to a slump in LME copper and then found support at RMB 40,000/mt. Later, the contract moved around RMB 40,100/mt before ending at RMB 40,170/mt, down by RMB 750/mt.

A delay in US interest rate hike gave no support to market and the reasons for the rate delay depressed commodity prices. US dollar index swung wildly following the unchanged US rate and finally returned above 95. Crude oil prices fell near 4%, weighing down base metals. Those factors fuel risk aversion in market.

LME copper should move at lows in USD 5,200-5,240/mt during Asian trading hours. SHFE 1511 copper will range between RMB 40,000-40,500/mt on Sept. 21. In China’s spot market, traders will ship hedged goods to market with a tumble in SHFE copper prices. Also, cash-hunger smelters will be eager to sell late Sept. and Q3. Thus, spot premiums will gradually narrow. Spot copper will trade between discounts of RMB 30/mt and premiums of RMB 10/mt.

SHFE copper prices 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.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

4 hours ago

3 Dutch Ports (Inc. Rotterdam) Strike Planned for September 4, Cargo Handling and Logistics Face Disruption

According to an August 28 advisory from logistics company Beckchoice, Dutch unions FNV and CNV have called on workers in Rotterdam, Amsterdam and Zeeland ports to halt ship-handling activities from 11:15 to 19:00 local time on September 4. The action is part of a campaign against proposed changes and cuts to the Netherlands’ social security system. The planned stoppage could disrupt cargo loading and unloading, towage and related operations, delaying vessel schedules, cargo collections and onward transport. Some disruption could persist beyond the strike period, with the extent depending on worker participation and individual terminal operations.

4 hours ago

8 hours ago

Doubling Surge! Copper Foil Semi-Annual Report Reveals Bottom Line, Volume and Price Rise Kick Off High-Level Market [SMM Analysis]

The 2026 semi-annual report disclosure season has concluded, with publicly listed firms across China's copper foil industry chain delivering impressive interim results. Driven by sustained growth in ESS installations, rising NEV penetration rates, and accelerated construction of AI computing infrastructure, the industry has emerged from a two-year downturn and entered an upward cycle of rising volumes and prices...

8 hours ago

Xinhai Mining nears completion of 1.5 Mt/y copper flotation plant in Kazakhstan

Shandong Xinhai Mining's 1.5 million tonnes per year sulphide-copper flotation plant in Kazakhstan has entered the equipment installation and commissioning phase, with civil works past the halfway mark and all major equipment foundations accepted. Delivered under a full EPC+M+O contract, the plant treats ore averaging 0.86% copper and is designed for a 22% copper concentrate grade at 90% recovery, processing 5,000 tonnes per day over 300 operating days. Work started in October 2025, resumed in April 2026 after winter, and is scheduled for civil completion by end-September and full commissioning by year-end. Onstream, it will recover roughly 11,600 tonnes of copper metal annually.

8 hours ago