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SMM Base Metals Weekly Price Review and Forecast (Dec. 15-19, 2014)

Release time:2014-12-16

Dec 16, 2014 03:31 GMT   Source:SMM

 

SHANGHAI, Dec. 16 (SMM) – Encouraging US nonfarm payrolls pushed the US dollar index to a refreshed 4.5-year high of 89.65 last Monday. Crude, in contrast, dipped below USD 60/bbl, while European and US stocks trended down. China’s soft foreign trade data, CPI and PPI increased deflationary risks. SMMI was down 0.48% last week, with nickel leading the fall. LME nickel surrendered most gains in the week ending December 5, down nearly 6%. The Jinchuan Group curtailed sales due to low prices and cut prices by only RMB 3,300/mt. SMMI.Ni and SMM.Al fell 3% and 1.38%, respectively. SMMI.Pb was down 0.95%, while SMMI.Sn was down 0.93%. Smelters ramped up sales against the month-end liquidity crunch, while traders conducted sales. Downstream producers were reluctant to build input inventories up. SMMI.Zn was down 0.71%, but SMMI.Cu edged up 0.18%. Cargo holders rushed to convert inventories into cash towards year’s end. Copper Chinese stock market experienced sharp swings last week. SHFE copper prices drifted higher after shorts booked profits, but met strong resistance at RMB 46,500/mt. Both trading volumes and positions of SHFE copper shrank as investors were cautious. SHFE copper prices are expected to track LME copper trends to move at RMB 45,800-46,800/mt this week. Chinese spot market witnessed an influx of imported copper last week as the SHFE/LME copper price ratio allow more profitable opportunities for imports. Besides, the price spread between SHFE 1412 and 1501 copper contracts remained around RMB 400/mt, encouraging ......

Key words:
SMM LME lead prices
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