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SMM Base Metals Market Daily Review (2014-12-17)

Release time:2014-12-18

Dec 18, 2014 02:05 GMT   Source:SMM

 

SHANGHAI, Dec. 18 (SMM) – Copper Copper for February delivery on the Shanghai Futures Exchange advanced to RMB 45,980/mt after starting Tuesday’s night session at RMB 45,850/mt. The price of the SHFE 1502 copper contract later retreated to RMB 45,310/mt and recouped some losses to close down RMB 390/mt at RMB 45,770/mt. During the night session, trading volumes for the contract surged to some 200,000 lots, while positions shrank 7,574 lots. Trading volumes for the SHFE 1503 copper contract spiked to 240,000 lots, and positions gained 21,114 lots. SHFE copper swung only RMB 200/mt around RMB 45,700/mt on Wednesday and met resistance at RMB 4,800/mt. The price of the red metal later found support at RMB 45,600/mt and finished down RMB 520/mt, or 1.13%, at RMB 45,640/mt. Trading volumes for the SHFE 1502 copper contract added 16,834 lots, while positions decreased 13,422 lots to 250,370 lots. Copper for March delivery became the most active contract on Wednesday. The price of the SHFE 1503 copper contract moved at RMB 45,220-45,460/mt after staring at RMB 45,400/mt and ended down RMB 500/mt, or 1.09%, at RMB 45,260/mt. Trading volumes for the contract increased 25,128 lots to 256,090 lots. Spot copper in Shanghai was quoted Wednesday at a RMB 100-160/mt premium to the SHFE 1501 copper contract. Standard- and high-quality copper sold for RMB 46,220-46,280/mt and RMB 46,240-46,300/mt, respectively. Trading slowed on Wednesday as SHFE slipped further. Cargo holders continued to hold prices firm, with the price of standard-quality copper close to that of high-quality copper. Some speculative traders started buying, while downstream producers bought only as needed. Spot copper was quoted at ......

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