SMM Copper Market Morning Review (2015-5-28)

SHANGHAI, May 28 (SMM) – LME copper prices touched a low of USD 6,075/mt Wednesday and closed at USD 6,098/mt, losing USD 20/mt.

SHFE most active copper contract prices opened lower for the night session at RMB 44,080/mt and rose to RMB 44,360/mt. Some shorts entered the market when prices increased, causing prices to retreat to RMB 44,000/mt. The prices finally ended the night session at RMB 44,120/mt, down RMB 70/mt. Positions declined 1,402 and trading volumes remained at about 130,000 lots.

SHFE 1508 copper contract should trade at RMB 43,900-44,400/mt on May 28. Spot copper may be quoted between a discount of RMB 40/mt and a premium of RMB 30/mt to SHFE 1506 copper contract in Shanghai.