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SMM Base Metals Market Daily Review (2015-1-28)

Release time:2015-01-29

Jan 29, 2015 01:53 GMT   Source:SMM

 

SHANGHAI, Jan. 29 (SMM)-- Copper: Copper for April delivery on the Shanghai Futures Exchange, the most active contract, started at RMB 40,050/mt and dipped to RMB 39,300/mt at the tail of the trading before ending down RMB 860/mt at RMB 39,350/mt. Trading volumes totaled some 350,000 lots, while positions surged by 18,284. On Wednesday, SHFE copper hovered largely around RMB 39,500/mt and finished down RMB 520/mt, or 1.29% at RMB 39,690/mt. Trading volumes for the most active contract added by 82,772 lots, while positions increased by 19,384. Spot copper was offered between a RMB 40/mt discount and a RMB 20/mt premium to the SHFE 1502 copper contract. Standard- and high-quality copper sold for RMB 39,960-40,160/mt and RMB 39,980-40,200/mt, respectively. Cargo holders rushed to sell against the month-end liquidity crunch. However, overall copper supply decreased due to a fall in arrivals of imported copper at Chinese port. Standard-quality copper prices were firm, while high-quality copper was quoted at par with the SHFE front-month copper contract. Transactions were done mostly by middlemen. Downstream producers bought only as needed on Wednesday. Spot copper was offered between a RMB 20/mt discount and a RMB 30/mt premium and traded at RMB 40,080-40,280/mt in the afternoon trading.     Aluminum: On Tuesday night, SHFE 1504 aluminum contract moved between the 10-day and 20-day moving averages after starting at RMB 12,855/mt, and finished the night session flat with opening price. Trading volumes totaled 10,148 lots, with positions down 302 to 130,858.   On Wednesday, the most active contract was range-bound for most ......

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