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

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

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