Copper to Remain Range-Bound (2017-3-23)

Copper prices opened lower last week. In contrast, the traded prices of copper scrap were high due to tight supply and stockpiling by processing companies after the Mid-Autumn Festival holidays.

SMM is the first non-ferrous metal pricing platform in China that has passed the independent audit of the International Organization of Securities Commissions (IOSCO) financial index standard in 2020. This is also the first year that the China leading pricing provider has achieved the ISOCO standards.

Spot premiums on copper slumped on October 12 due to selloffs, SMM reported.

LME copper will fluctuate between USD 6,425-6,470/mt on Friday, and SHFE 1709 copper will drop further to RMB 49,800-50,300/mt.

Major brass and copper scrap prices in India showed a down trend during Monday, while copper futures prices at India's Multi Commodity Exchange settled 2.09 percent higher.

Labor Union of Escondida copper mine refused renegotiation. SHFE 1705 copper opened at RMB 47,610/mt today, and then rose to RMB 47,740/mt. with exodus of longs after profit-taking, SHFE 1705 copper

China enhanced environmental protection inspections recently due to severe air pollution. What’s the impact on domestic copper industry?

Chinese copper scrap prices rallied sharply on Thursday, 24th November.

Copper prices jumped November 8 following a surge in other commodities recently. SHFE 1701 copper closed at 40380 yuan per tonne, up 3.04%. Leaving of hedge investors accelerated price gains.

LME copper will swing widely next week, while SHFE copper is poised for a rebound, SMM expects.