关于我们内页广告图
NewsCurrent Location : HomeNewsNews

SMM Base Metals Market Daily Review (2014-12-9)

Release time:2014-12-11

Dec 10, 2014 04:21 GMT   Source:SMM

 

SHANGHAI, Dec. 10 (SMM) –    Copper  Copper for February delivery on the Shanghai Futures Exchange, the most active contract, started at RMB 45,720/mt in Monday’s night session and then advanced to RMB 46,050/mt. The price of the SHFE 1502 copper contract pulled back to RMB 45,610/mt afterwards and finished down RMB 290/mt at RMB 45,750/mt. During the night session, trading volumes for the most active contract maintained at some 160,000 lots, while positions shed 646 lots.   SHFE copper initially hovered narrowly around RMB 45,650/mt and later dipped to RMB 45,530/mt. The price of the red metal recouped most losses at the tail of the trading and closed down RMB 100/mt, or 0.22%, at RMB 45,940/mt. Trading volumes for the most active contract added 106,000 lots, while positions decreased 19,258 lots. Trading volumes for the SHFE 1503 copper contract gained 65,144 lots, and positions expanded 15,476 lots.   Spot copper in Shanghai was quoted Tuesday at a RMB 50-120/mt premium to the SHFE 1412 copper contract. Standard- and high-quality copper sold for RMB 46,480-46,560/mt and RMB 46,500-46,620/mt, respectively.   Copper supply was sufficient as cargo holders sold to capitalize on high prices and as the improved SHFE/LME copper price ratio allowed the inflow of imported copper. Hydro-copper brands were quoted nearly on par with the SHFE 1412 copper contract by the midday due to abundant supply. Buyers still favored standard-quality and hydro-copper, with poor sales for high-quality copper. The narrowing spot premiums lured middlemen into the market, while downstream producers bought only as needed on Tuesday. Spot copper was quoted at a RMB 50-110/mt premium and traded at RMB 46,450-46,630/mt in the afternoon trading. &n......