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SMM Base Metals Market Daily Review (2015-1-21)

Release time:2015-01-22

Jan 22, 2015 01:43 GMT   Source:SMM

 

SHANGHAI, Jan. 22 (SMM) – Copper Copper for March delivery on the Shanghai Futures Exchange, the most active contract, started at RMB 41,510/mt and later followed LME copper down to RMB 41,110/mt. The price of the SHFE 1503 copper contract rebounded at the tail of the trading and closed up RMB 40/mt, or 0.10% at RMB 41,380/mt. Positions for the most active contract added 3,788 to 279,986, while trading volumes totaled some 152,000 lots. On Wednesday, SHFE copper initially rose almost RMB 200/mt to RMB 41,590/mt, but later pulled back to test support at RMB 41,200/mt. The price of the red metal later dipped to RMB 41,110/mt and finished down RMB 80/mt, or 0.19% at RMB 41,260/mt. Positions for the SHFE 1503 copper contract shed 7,560 to 268,638, while trading volumes tumbled by some 70,000 lots. Positions for the SHFE 1504 copper contract increased 12,436 to 243,784, while trading volumes amounted to about 240,000 lots. Spot copper was quoted at a RMB 50-130/mt premium to the SHFE 1502 copper contract in Shanghai on Wednesday. Standard- and high-quality copper sold for RMB 41,520-41,660/mt and RMB 41,560-41,720/mt, respectively. As SHFE copper fluctuated in a wide range and lacked impetus to rise, many cargo holders continued to sell to raise cash, leaving sufficient high-quality copper in the market. Hydro-copper prices were little changed due to limited supply. Most middlemen and downstream producers stayed out of the market on Wednesday, leaving trading quiet. Spot copper was offered at a RMB 60-120/mt premium in the afternoon trading, with a narrower price gap between different brands. The market was dominated by standard-quality copper, and trading remained sluggish.......

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