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SMM Base Metals Market Daily Review (2014-12-10)

Release time:2014-12-12

Dec 11, 2014 01:31 GMT   Source:SMM

 

SHANGHAI, Dec. 11 (SMM) –    Copper  Copper for February delivery on the Shanghai Futures Exchange, the most active contract, rose to RMB 46,850/mt after starting at RMB 45,750/mt in Tuesday’s night session. The price of the SHFE 1502 copper contract surrendered some gains at the tail of the trading and finished up RMB 650/mt at RMB 46,400/mt. During the night session, trading volumes for the most active contract expanded to some 250,000 lots, but positions decreased 3,432 lots. Trading volumes for the SHFE 1503 copper contract added to around 150,000 lots, while positions shrank 19,338 lots.   SHFE copper hovered mostly around RMB 46,250/mt on Wednesday and ended up RMB 510/mt, or 1.11%, at RMB 46,260/mt. Trading volumes for the most active contract increased 9,780 lots, but positions fell 13,222 lots. Trading volumes for the SHFE 1503 copper contract rose 32,480 lots, and positions contracted 18,988 lots.   Spot copper in Shanghai was quoted Wednesday at a RMB 30-110/mt premium to the SHFE 1412 copper contract. Standard- and high-quality copper sold for RMB 46,880-47,000/mt and RMB 46,920-47,080/mt, respectively.   The rise in the SHFE/LME copper price ratio allowed a sharp inflow in imported copper. Meanwhile, cargo holders ramped up sales at high prices as the price gap between the SHFE 1412 and 1501 copper contracts expanded slightly. As such, copper supply was abundant in Shanghai on Wednesday.   Speculative traders went bargain-hunting after spot copper premiums slid, while downstream producers bought only as needed. Spot copper was quoted between a RMB 20/mt discount and RMB 40/mt premium and traded at RMB 46,970-47,060/mt.    Aluminum       On Tuesday night, SHFE 1502 aluminum contract drifted higher after starting at R......