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Copper-SHMET Spot Market Briefing20130716

Date 7/16/2013 2:53:39 PM Source: SHMET
Jul.16,2013(SHMET)--

The quoted prices for Shanghai spot copper are in the range of 50400-50850 rmbs/ton, with 100 rmbs/ton up. The backwardation are between 100-250 rmbs/ton. Affected by U.S. dollars strength and China economic growth slowed in Q2, SHFE copper lowered on Monday. However, The GDP data indicates that the economic growth were in line with expectation. This limited the decline of copper price. Copper price fluctuated this morning. With stable supply and cautious purchase, the recent market demand have not been improved. Depite some traders held positive view, most people will remain cautious opreration prior to the domestic demand are improved. At present,the backwardation widened.

Edited by SHMET