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SMM Copper Market Morning Review (2015-10-20)

iconOct 20, 2015 10:32
Source:SMM
LME copper opened at USD 5,276/mt overnight and then fell back to USD 5,252/mt. Later, LME copper dived to USD 5,203/mt and ended at USD 5,212/mt.

SHANGHAI, Oct. 20 (SMM) – LME copper opened at USD 5,276/mt overnight and then fell back to USD 5,252/mt. Later, LME copper dived to USD 5,203/mt and ended at USD 5,212/mt, down USD 60/mt. Trading volumes fell 851 to 11,753 lots and positions dropped 887. LME copper inventories posted modest growth but Asian inventories printed losses, a sign of continuous inflow to China.

The large drop in LME copper allowed SHFE copper to gap lower at RMB 39,110/mt on Monday night. The contract closed down RMB 330/mt or 0.84% with the session-high at RMB 39,220/mt and the session-low at RMB 39,050/mt. Positions grew 4022 to 252,302 with trading volumes only 150,000 lots.

Poor data from China and sell-offs on LME copper during European and US trading hours will curtail base metal prices. LME copper will move in USD 5,185-5,250/mt during Asian trading hours. SHFE 1512 copper will range between RMB 39,000-39,300/mt on October 20. In China, spot supply stays healthy and spot discounts of RMB 0-60/mt are expected against SHFE 1511 copper.

LME copper prices
SHFE copper prices

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