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SMM Base Metals Market Daily Review (2015-1-23)

Release time:2015-01-26

Jan 26, 2015 01:59 GMT   Source:SMM

 

SHANGHAI, Jan. 26 (SMM)-- Copper: Copper for March delivery on the Shanghai Futures Exchange, the most active contract, started at RMB 41,290/mt and later surged to RMB 41,620/mt in Thursday's night session. The price of the SHFE 1503 copper contract sank to RMB 40,930/mt afterward and closed down RMB 340/mt at RMB 41,070/mt. Trading volumes for the most active contract totaled some 180,000 lots, while positions added by 12,944. On Friday, SHFE copper initially met resistance at RMB 41,300/mt and then slid to RMB 40,400/mt. The price of the red metal hovered narrowly around RMB 40,600/mt in the afternoon trading session and finished down RMB 660/mt, or 1.59% at RMB 40,750/mt. Trading volumes for the most active contract increased by 130,000 lots, while positions spiked by 48,244. Spot copper was offered between a RMB 30/mt discount and a RMB 30/mt premium to the SHFE 1502 copper contract in Shanghai on Friday. Standard- and high-quality copper sold for RMB 41,070-41,570/mt and RMB 41,100-41,630/mt, respectively. Supply remained sufficient on Friday, with the market dominated by low-priced high-quality copper. The price of high-quality copper almost reached par with that of standard-quality copper. As SHFE copper fell nearly RMB 500/mt, spot premiums slid further afterward due to growing supply and sluggish demand. Standard-quality copper sold at a discount across the board by the midday. Downstream producers continued to buy only as needed on Friday. Spot copper was quoted between a RMB 30/mt discount and a RMB 10/mt premium and traded at RMB 41,100-41,220/mt. SHFE copper inventories decreased 2,679 mt to 134,137 mt in the week ending January 23.    Aluminum: Last Thursday night, SHFE 1503 aluminum contract went down after starting at RMB 12,880/mt, and finished the night session at RMB 12,810/mt. Trading volumes t......

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