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SMM Base Metals Market Daily Review (2014-12-11)

Release time:2014-12-12

Dec 12, 2014 01:26 GMT   Source:SMM

 

SHANGHAI, Dec. 12 (SMM) –    Copper  Copper for February delivery on the Shanghai Futures Exchange, the most active contract, hovered at RMB 46,160/mt in Wednesday’s night session after starting at RMB 46,120/mt. The price of the SHFE 1502 copper contract then advanced to RMB 46,330/mt, but fell at the tail of the trading to RMB 46,030/mt before ending down RMB 150/mt, or 0.32%, at RMB 46,090/mt. During the night session, positions for the most active contract added 8,242 lots to 292,700 lots, while trading volumes totaled 173,530 lots.   On Thursday, SHFE copper initially fluctuated around RMB 46,160/mt and later rose to RMB 46,200/mt. The price of the red metal retreated after advancing to RMB 46,330/mt and finished down RMB 30/mt, or 0.06%, at RMB 46,210/mt. Positions for the most active contract gained 2,920 lots to 287,378 lots, while trading volumes shed 133,000 lots.   Spot copper in Shanghai was quoted Thursday at a RMB 0-90/mt discount over the SHFE 1412 copper contract. Standard- and high-quality copper sold for RMB 46,850-46,900/mt and RMB 46,880-46,950/mt.   The SHFE/LME copper price ratio rose further to around 7.18 on Thursday, allowing large inflows of imported copper. Cargo holders continued to rush to sell as the price gap between the SHFE 1412 and 1501 copper contracts remained around RMB 400/mt. The resulting sufficient supply pushed spot copper to discounts. Standard-quality copper still was favored by downstream producers, with its prices close to high-quality copper prices. Downstream producers bought only as......