SHANGHAI, Oct. 25 (SMM) - SHFE copper prices unexpectedly rose October 25 after remaining weak for a long period, and price gains were the most significant since July 13 as of 1:55 pm October 25, SMM reports.
SMM Exclusive: What’s Factor Behind Big Rise in China Base Metal Market on Tuesday?
Spot goods available were limited. Imports were low due to yuan’s devaluation, despite higher SHFE/LME copper price ratio. Meanwhile, traders slowed supplies recently.
SHFE copper inventories are now almost the lowest for the year, and demand is stable.
Spot premiums jumped to a 1-year high, also lending support to copper prices.
Copper staged the least significant price gains this year, so will attract more capital, SMM said. SHFE copper will have room to rebound in the near term.
Most analysts see SHFE copper rise to 38,500 yuan per tonne, according to an SMM survey of domestic futures companies.
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