SMM Copper Market Morning Review (2015-11-3)

Nov 3, 2015 10:06

Source:SMM

LME copper started at USD 5,089.5/mt overnight and moved higher to USD 5,133.5/mt before ending at USD 5,120/mt.

SHANGHAI, Nov. 3 (SMM) – LME copper started at USD 5,089.5/mt overnight and moved higher to USD 5,133.5/mt before ending at USD 5,120/mt, up USD 7/mt. Both trading volumes and positions declined. Transactions stayed weak.

Market sentiment stayed cautious before US nonfarm payrolls due out Friday. US dollar moved in a tight range at highs.

SHFE 1601 copper started at RMB 38,520/mt for night trading Tuesday and moved lower to RMB 38,370/mt, to end at RMB 38460/mt, down RMB 40/mt. Positions grew 10,564.

Markets lacked major reports overnight. LME copper should range between USD 5,090-5,130/mt during Asian trading hours. SHFE 1201 copper will hover between RMB 38,350-38,650/mt on November 3. Spot discounts of RMB 20-80/mt are expected against SHFE 1511 copper.

LME copper prices

SHFE copper prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

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SMM Copper Market Morning Review (2015-11-3)

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