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SMM Copper Market Morning Review

Release time:2014-11-20

 Nov 20, 2014 01:29 GMT   Source:SMM

 

SHANGHAI, Nov. 20 (SMM) – On Wednesday, the European Central Bank governor Mario Draghi said the bank is braced for more accommodative policies should the existing efforts fail to boost economic growth, market confidence restored on the news.

Meanwhile, the US dollar rise was blocked after Fed officials expressed concerns over low inflation in the minutes from the FOMC meeting.

LME copper touched a low of USD 6,600/mt, but regained earlier losses and closed at USD 6,682/mt after testing USD 6,700/mt, posting a rise of USD 55/mt. Positions tumbled.

The most active SHFE copper contract opened at RMB 47,370/mt during Wednesday’s night session and moved between RMB 47,700-47,200/mt before ending at RMB 47,480/mt, up RMB 230/mt. Positions in the January-delivery copper were little changed, and trading volumes were about 110,000 lots. Holdings in SHFE 1402 copper contract increased slightly.

SHFE 1501 copper contract is expected to trade at RMB 47,300-47,700/mt on November 20. Cargo holders will hold spot premiums firm at RMB 80-180/mt.