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SMM Base Metals Market Daily Review (2015-1-15)

Release time:2015-01-16

Jan 16, 2015 05:12 GMT   Source:SMM

 

SHANGHAI, Jan. 16 (SMM) – Copper Copper for March delivery on the Shanghai Futures Exchange, the most active contract, started Wednesday’s night session at RMB 40,600/mt and then slipped to a trough of RMB 39,820/mt. The price of the SHFE 1503 copper contract later recouped some losses to close down RMB 1,990/mt at RMB 40,160/mt. During the night session, trading volumes for the most active contract surged to some 610,000 lots, while positions added by 10,708. On Thursday, SHFE copper initially followed LME copper up to RMB 41,230/mt and swung by about RMB 100/mt in the afternoon trading session before ending down RMB 1,230/mt, or 2.92% at RMB 40,920/mt. Trading volumes for the most active contract soared by 612,000 lots, while positions gained by 3,100. Spot copper in Shanghai was quoted Thursday at a RMB 30-120/mt premium to the SHFE 1501 copper contract. Standard- and high-quality copper sold for RMB 40,900-41,450/mt and RMB 40,940-41,500/mt, respectively. The price gap between the SHFE 1501 and 1502 copper contracts narrowed sharply on Thursday. Many cargo holders raised quotations in the last trading day for the SHFE 1501 copper contract. Hydro-copper and standard-quality copper gained favor with buyers, with the prices of these two brands drawing closer to high-quality copper prices. As copper prices leveled out, a large number of downstream producers went bargain-hunting, helping trading improve markedly. Spot copper was offered at a RMB 50-100/mt premium and traded at RMB 41,200-41,400/mt in the afternoon trading. Trading slowed, with supply slightly surpassing demand. Aluminum On Wednesday night, SHFE 1503 aluminum contract slid to RMB 12,700/mt after starting at RMB 13,005/mt, and finished the night session at RMB 12,700/mt. Trading volumes......

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