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SMM Copper Market Morning Review

Release time:2014-11-18

 Nov 18, 2014 02:05 GMT   Source:SMM

 

SHANGHAI, Nov. 18 (SMM) – LME copper prices held steady on Monday and closed at USD 6,700/mt, with positions down noticeably.

The decline in Japan’s economy and poor data from the euro zone hurt commodity market. The US manufacturing PMI rose slightly but fell short of forecast. The euro again weakened, pushing up the US dollar index.

The most active SHFE copper contract started at RMB 47,490/mt during night session Monday and soo climbed to RMB 47,700/mt. The prices then met resistance and ended the session at RMB 47,580/mt, up RMB 80/mt. Positions in the most active contract rose by 1,516 lots, and trading volumes were only about 70,000 lots.

SHFE 1501 copper contract prices may move between RMB 47,300-47,800/mt on November 18. Physical copper will be quoted at premiums of RMB 80-120/mt.