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SMM Base Metals Market Daily Review (2015-1-13)

Release time:2015-01-14

Jan 14, 2015 02:37 GMT   Source:SMM

 

SHANGHAI, Jan. 14 (SMM) – Copper Copper for March delivery on the Shanghai Futures Exchange, the most active contract, started Monday’s night session at RMB 43,400/mt and later dipped to RMB 43,240/mt. The price of the SHFE 1503 copper contract leveled out to RMB 43,450/mt afterwards and finished down RMB 630/mt at RMB 43,510/mt. During the night session, trading volumes for the most active contract amounted to 180,000 lots, while positions decreased by 4,770. SHFE copper initially rebounded to hover narrowly around RMB 44,600/mt and then met resistance at RMB 43,700/mt on Tuesday. The price of the red metal fell again by the midday and slid to RMB 42,880/mt at the tail of the trading before ending down RMB 1,250/mt, or 2.83% at RMB 42,890/mt. Trading volumes for the SHFE 1503 copper contract gained 282 lots, while positions added by 8,040. Trading volumes for the SHFE 1504 copper contract increased by 25,816 lots, while positions rose by 16,470 lots. Trading volumes for the SHFE 1505 copper contract increased by 11,228 lots, and positions rose by 11,834. Spot copper in Shanghai was quoted Tuesday at a RMB 100-180/mt discount to the SHFE 1501 copper contract. Standard- and high-quality copper sold for RMB 44,120-44,300/mt and RMB 44,150-44,350/mt, respectively. The SHFE/LME copper price ratio fell sharply on Tuesday, leading to a decline in the proportion of imported copper supply in the market. Spot discounts narrowed slightly by the midday as copper prices slid by nearly RMB 200/mt. Middlemen were not active, while downstream producers cut purchases on Tuesday, leaving trading worse than Monday. Some downstream producers started to buy under term contracts in the afternoon trading when SHFE copper trended lower. The resulting decrease in ......

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