SMM Copper Market Daily Review (2015-4-24)

SHANGHAI, Apr. 25 (SMM) – The July-delivery SHFE copper became the most active one early Friday, and closed at RMB 230/mt higher at RMB 43,310/mt, with a session high at RMB 43,440/mt and the low end at RMB 43,200/mt. Trading volumes of SHFE 1507 copper contract declined 92,178 lots, while positions grew 1,258. SHFE 1506 copper contract ended at RMB 43,190/mt, up RMB 250/mt. SHFE copper stocks were reported down 22,550 mt last week to 208,285 mt

Spot premiums in the Shanghai copper market narrowed to RMB 140-200/mt Friday morning. Prices are RMB 43,550-43,700/mt for standard-quality copper and RMB 43,570-43,750/mt for high-quality copper.

Supply in spot copper market increased after imported copper flooded in with higher SHFE/LME copper price ratio and dealers selling actively. Spot premiums thus narrowed quickly. Traders were in a rush to sell when copper prices increased, but downstream producers only bought in small amounts. In the afternoon, most traders exited the market, leaving trades muted.