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SMM Base Metals Market Daily Review (2014-12-4)

Release time:2014-12-05

Dec 05, 2014 01:56 GMT   Source:SMM

 

SHANGHAI, Dec. 5 (SMM)-- Copper: Copper for February delivery on the Shanghai Futures Exchange, the most active contract, started at RMB 45,440/mt in Wednesday’s night session and then found support at RMB 45,150/mt. The price of the SHFE 1502 copper contract, however, still faced resistance at the 5-day moving average and ended down RMB 80/mt at RMB 45,230/mt. Trading volumes for the most active contract decreased to some 140,000 lots, while positions shed 862 lots. On Thursday, SHFE copper rebounded to around RMB 45,900/mt in the morning trading session and hovered at RMB 45,700/mt before closing up RMB 480/mt, or 1.06%, at RMB 45,790/mt. Trading volumes for the most active contract shrank 183,000 lots, and positions decreased 25,874 lots. Spot copper in Shanghai was quoted Thursday at a RMB 100-140/mt premium to the SHFE 1412 copper contract. Standard- and high-quality copper sold for RMB 46,600-46,720/mt and RMB 46,620-46,750/mt, respectively. Cargo holders held prices firm as SHFE copper rebounded on Thursday. Standard-quality copper prices were firm due to tight supply, reaching par with high-quality copper prices. Middlemen traded moderately, while downstream producers went bargain-hunting. Spot copper was quoted at a RMB 100-160/mt premium and traded slightly higher at RMB 46,580-46,800/mt in the afternoon trading.    Aluminum: On Wednesday night, SHFE 1502 aluminum contract dipped to RMB 13,330/mt after starting at RMB 13,380/mt, and finished the night session at RMB 13,390/mt. Trading volumes totaled 27,294 lots, with positions up 1,086 lots to 140,920 lots.   On T......