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SMM Base Metals Market Daily Review (2015-1-16)

Release time:2015-01-19

Jan 19, 2015 02:28 GMT   Source:SMM

 

SHANGHAI, Jan. 19 (SMM) – Copper Copper for March delivery on the Shanghai Futures Exchange, the most active contract, started Thursday’s night session at RMB 41,320/mt and then rallied to RMB 41,710/mt. The price of the SHFE 1503 copper contract surrendered a chunk of gains afterwards to end up RMB 330/mt at RMB 40,850/mt. Trading volumes for the most active contract totaled some 390,000 lots, while positions decreased by 3,136. Trading volumes for the SHFE 1504 copper contract amounted to 180,000 lots, while positions added by 11,868. SHFE copper hovered below major moving averages, meeting resistance at RMB 41,050/mt, and finished up RMB 520/mt, or 1.28% at RMB 41,040/mt. Trading volumes for the most active contract shed by 364,000 lots, while positions fell by 9,240. Trading volumes for the SHFE 1504 copper contract stood at 90,444 lots, while positions added by 18,428. Spot copper in Shanghai was quoted Friday at a RMB 40-150/mt premium to the SHFE 1502 copper contract. Standard- and high-quality copper sold for RMB 41,120-41,420/mt and RMB 41,150-41,500/mt, respectively. Cargo holders continued to sell at a premium seen on Thursday, but downstream producers were buying only modestly. Spot premiums narrowed as SHFE copper rose almost RMB 300/mt on Friday. Some middlemen entered the market, while downstream producers became less active after building large quantities of input stocks on Thursday. Trading slowed on Friday, with transactions done most by middlemen. Spot copper was offered at a RMB 70-170/mt premium and traded at RMB 41,250......

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