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SMM Base Metals Market Daily Review (2014-12-3)

Release time:2014-12-04

Dec 04, 2014 01:53 GMT   Source:SMM

 

SHANGHAI, Dec. 4 (SMM)-- Copper: Copper for February delivery on the Shanghai Futures Exchange, the most active contract, tested support at RMB 44,880/mt in Tuesday's night session after starting at RMB 45,250/mt. The price of the SHFE 1502 copper contract later rebounded to RMB 45,400/mt and rose as high as RMB 45,580/mt before ending up RMB 110/mt at RMB 45,440/mt. Trading volumes for the most active contract hovered steady at some 320,000 lots, and positions added by 4,592 lots. SHFE copper advanced initially to RMB 45,690/mt, but surrendered all gains by the midday to move above the RMB 45,000/mt mark. The price of the red metal finished down RMB 100/mt, or 0.22%, at RMB 45,230/mt. Trading volumes for the SHFE 1502 copper contract decreased by 11,234 lots, and positions shrank by 6,632 lots. Trading volumes for the SHFE 1503 copper contract gained by 1,514 lots, while positions expanded by 15,730 lots. Spot copper in Shanghai was quoted Wednesday at a RMB 70-150/mt premium to the SHFE 1412 copper contract. Standard- and high-quality copper sold for RMB 46,350-46,470/mt and RMB 46,380-46,550/mt, respectively. Quotations varied by over RMB 20/mt at one stage as SHFE copper lacked impetus to rebound on Wednesday. The price gap between standard- and high-quality copper, however, narrowed slightly. Speculative traders became less active by the midday and mostly went bargain-hunting after SHFE copper leveled off. Downstream producers curtailed purchases since they have built input stocks on Tuesday. Trading was brisk early on Wednesday, but later slowed. Spot copper was quoted at a RMB 100-150/mt premium and traded lower at RMB 46,050-46,370/mt in the afternoon trading session.   Aluminum: On Tues......