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SMM Base Metals Market Daily Review (2014-12-16)

Release time:2014-12-18

Dec 17, 2014 01:54 GMT   Source:SMM

 

SHANGHAI, Dec. 17 (SMM) – Copper Copper for February delivery on the Shanghai Futures Exchange, the most active contract, started at RMB 46,710/mt in Monday’s night session and slid to RMB 46,000/mt afterwards. The price of the SHFE 1502 copper contract closed down RMB 440/mt at RMB 46,100/mt. Trading volumes for the most active contract totaled some 130,000 lots, while positions shed 1,418 lots. SHFE copper fell further to RMB 45,760/mt early on Tuesday and then hovered around RMB 45,900/mt before ending down RMB 660/mt, or 1.42%, at RMB 45,880/mt. Trading volumes for the most active contract added 97,668 lots, and positions shrank 13,398 lots. Trading volumes for the SHFE 1503 copper contract gained 78,974 lots, and positions increased 26,682 lots. Spot copper in Shanghai was quoted Tuesday at a RMB 100-180/mt premium to the SHFE 1501 copper contract. Standard- and high-quality copper sold for RMB 46,350-46,480/mt and RMB 46,400-46,530/mt, respectively. Few transactions were reported early on Tuesday due to prevailing pessimism in the market. Cargo holders quoted at a premium again after the front-month contract shifted to the SHFE 1501 copper contract. However, a higher proportion of imported copper hit the market after the SHFE/LME copper price ratio improved further. Meanwhile, speculative traders began selling goods that were stockpiled at low prices on Monday. The resulting ample supply thus caused spot premiums to narrow. Middlemen were active and favored standard-quality copper, while downstream producers stepped up bargain-hunting. Trading improved slightly on Tuesday. Spot copper was quoted at a RMB 12......

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