SMM Copper Market Morning Review (2015-9-29)-Shanghai Metals Market

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SMM Copper Market Morning Review (2015-9-29)

Price Review & Forecast 09:25:23AM Sep 29, 2015 Source:SMM

SHANGHAI, Sept. 29 (SMM) –Mining giant Glencore’s shares slumped over 15% to an all-time low on Monday, and its shares have fallen some 70% so far this year. This deepened worries over base metals, driving an across-the-board decline in base metals prices. LME copper sank to USD 4,925/mt before ending Monday down USD 67/mt at USD 4,968/mt. 

Tumbling LME copper caused SHFE 1512 copper to open lower at RMB 37,710/mt during Monday’s night session. The most active contract touched a session high of RMB 38,080/mt before ending at RMB 37,900/mt. Positions for SHFE 1512 copper increased 10,200, and trading volumes for all SHFE copper contracts totaled 330,000 lots. The YoY decline of China’s industrial value-added expanded in August, worsening worries over the health of the world’s second largest economy. US core PCE in August matched forecasts and rose faster, reflecting continued improvement in US economy. US Fed officials were in favor of rate hike later this year.   

LME copper should remain low at USD 4,920-4,980/mt on Tuesday on strong bearishness, and SHFE 1512 copper should fall to RMB 37,500-38,000/mt. In China’s spot market, spot discounts of RMB 0-70/mt are expected over SHFE 1510 copper contract.     


SMM Copper Market Morning Review (2015-9-29)

Price Review & Forecast 09:25:23AM Sep 29, 2015 Source:SMM

SHANGHAI, Sept. 29 (SMM) –Mining giant Glencore’s shares slumped over 15% to an all-time low on Monday, and its shares have fallen some 70% so far this year. This deepened worries over base metals, driving an across-the-board decline in base metals prices. LME copper sank to USD 4,925/mt before ending Monday down USD 67/mt at USD 4,968/mt. 

Tumbling LME copper caused SHFE 1512 copper to open lower at RMB 37,710/mt during Monday’s night session. The most active contract touched a session high of RMB 38,080/mt before ending at RMB 37,900/mt. Positions for SHFE 1512 copper increased 10,200, and trading volumes for all SHFE copper contracts totaled 330,000 lots. The YoY decline of China’s industrial value-added expanded in August, worsening worries over the health of the world’s second largest economy. US core PCE in August matched forecasts and rose faster, reflecting continued improvement in US economy. US Fed officials were in favor of rate hike later this year.   

LME copper should remain low at USD 4,920-4,980/mt on Tuesday on strong bearishness, and SHFE 1512 copper should fall to RMB 37,500-38,000/mt. In China’s spot market, spot discounts of RMB 0-70/mt are expected over SHFE 1510 copper contract.