SMM Copper Market Daily Review (2015-10-28)

SHANGHAI, Oct. 29 (SMM) – SHFE 1512 copper opened at RMB 39,300/mt for night trading Tuesday and closed up RMB 100/mt 0.26% or at RMB 39,190/mt with the session-high at RMB 39,340/mt and the session-low at RMB 39,160/mt. Positions decreased 4,284 to 216,966 and trading volumes were around 140,000 lots.

The December-delivery copper on the SHFE drifted lower to RMB 39,000/mt after opening Thursday trading session. The contract dived to RMB 38,840/mt due to bearishness in market, resulting from slip in Chinese stock market, crude oil prices and SHFE aluminum, to end at RMB 38,930/mt, down RMB 160/mt or 0.415. Positions fell 12,306 to 208,944 lots with trading volumes down. Nonetheless, SHFE 1601 copper saw positions up 20,300 to 195,504.

In Shanghai market, traded prices of spot copper were at discounts of RMB 10-60/mt on Wednesday, versus RMB 39,010-39,110/mt for standard-quality copper and RMB 39,030-39,130/mt for high-quality copper.

Cargo holders rushed to sell at highs early in the morning, throwing spot copper into discounts at RMB 10-60/mt. Market demand tended to sluggish at the end of October. On the other hand, spot supply was left ample.