SMM Ranking by Metal Price Increase (Weekly)2017.6.16

Copper price drifted lower today, while enameled wire manufacturers reported a notable improvement in downstream order bookings.

【SMM Shanghai Copper Spot Market Update】Intraday copper prices fell noticeably from the previous trading day, with the Shanghai copper futures contract 2609 trading largely in the range of 109,000 yuan/ton to 109,700 yuan/ton. As the price center of gravity shifted lower, downstream buying enthusiasm for spot pricing picked up markedly. According to SMM sources, some processing enterprises saw large concentrated spot pricing during the night session, and overall spot pricing volume expanded significantly compared with the previous trading day. Driven by centralized point pricing, the downstream raw material procurement demand was released synchronously, and the inquiry and transaction in the Shanghai electrolytic copper Spot Market within the day improved significantly compared with the previous trading day.

[SMM Shanghai Spot Copper] Intraday copper prices pulled back notably from the previous trading day, with the SHFE copper 2609 contract trading mainly in the range of 109,000–109,700 yuan/mt. As the price center shifted lower, downstream pricing activity picked up significantly. According to SMM, some processing enterprises carried out concentrated pricing during the night session, and overall pricing volumes expanded notably compared with the previous trading day. Driven by the concentrated pricing, downstream raw material procurement demand was released simultaneously. Intraday inquiries and transactions in the Shanghai spot copper cathode market improved markedly from the previous trading day.