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Home / Metal News / High Inventories Plague SHFE Copper Market (2016-2-22)

High Inventories Plague SHFE Copper Market (2016-2-22)

Feb 22, 2016 09:50

Source:SMM

SHFE 1604 copper is expected to move between RMB 35,800-36,100/mt on Monday.

SHANGHAI, Feb. 22 (SMM) – SHFE 1604 copper is expected to move between RMB 35,800-36,100/mt on Monday.

Pro-growth measures continue in Chinese market but mounting inventories trigger worries in market.

See forecast for other base metals, please click:Shanghai Base Metal Prices to Advance, SMM Says

LME copper will range USD 4,580-4,630/mt during Asian trading hours today. In China’s spot market, spot supply is sufficient and downstream buyers are expected to enter market. Spot discounts of RMB 150-220/mt are expected against SHFE 1603 copper.

Key Macroeconomic Indicators for Base Metal Prices (2016-2-22)

SHFE copper prices

LME copper prices

copper prices

Cu price

For queries, please contact William Gu at williamgu@smm.cn

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The contradiction between macro and fundamentals will push copper prices into a wide range of fluctuations. SMM predicts that copper prices in September will fluctuate between 65,000-72,000 yuan/mt.

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COMEX Copper Inventories Hold Flat August 14

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China 10 Nonferrous Metals Output Rises 7.2% in H1 2017

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LME copper will trade at USD 5,990-6,030/mt on Tuesday and SHFE 1709 copper will fluctuate between RMB 47,650-48,050/mt.

Jul 25, 2017 09:30

SMM Comments

50% China Copper Smelters Expect Declines for Copper Prices This Week, SMM Surveys

50% Chinese copper smelters surveyed by SMM see LME copper to fall below USD 4,750/mt this week and SHFE 1610 copper to drop below RMB 37,000/mt.

Aug 23, 2016 10:31

SMM Comments

LME Copper to Hover at Lows (2016-8-15)

LME copper will fluctuate at lows of USD 4,740-4,790/mt during Asian trading hours Monday.

Aug 15, 2016 09:09

SMM Comments

Will Rising LME Copper Inventories Put Brakes on Copper Gains? SMM Reports

In early June, copper prices tumbled with rising LME copper inventories, and will the recent growth in LME copper inventories trigger stop the rising momentum on the copper market?

Jul 7, 2016 16:04

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High Inventories Plague SHFE Copper Market (2016-2-22)

SMM Events & Webinars

2024 （13TH）SMM METAL INDUSTRY ANNUAL CONFERENCE

2024 GLOBAL BATTERY RECYCLING CONFERENCE

APAC TIN INDUSTRY CONFERENCE 2024