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

SHANGHAI, Nov. 4 (SMM) – 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.

SHFE copper lurched higher to RMB 38,650/mt during Tuesday trading session but later retreated all the gains response to Chinese shares, to end down RMB 80/mt or 0.21% at RMB 38,420/mt. Positions grew 19,012 to 260,126 with trading volumes 190,000 lots. 

In Shanghai market, spot copper traded at discounts of RMB 10-80/mt against SHFE 1511 copper on Tuesday, versus RMB 38,620-38,680/mt for standard-quality copper and RMB 38,640-38,720/mt for high-quality copper.

Cargo holders rushed to sell at highs early in the morning. Markets were filled with various brand copper and spot supply increased. Cargo holders gradually lowered their offers and spot copper was depressed to discounts of RMB 30-80/mt in the afternoon business. Higher SHFE copper prices curbed transactions. Downstream buyers maintained a wait-and-see attitude, leaving trading activities to decline.