Copper-SHMET Spot Market Briefing20150831

Date 8/31/2015 2:10:28 PM Source: shmet

Shanghai spot copper was quoted at 39250-39350 rmbs per ton, down 250 from yesterday with trading from 70c to level. The end of month business brought some more buying on the close 2. Ring and quite a lot of borrowing was registered but the backwardation eased. On the dominant positions there was a slight relaxation in the grip by one party which might explain this. There was good interest in Rotterdam warrant again at 10-15 dollars. It looks like the market has gained a little in confidence. SHFE copper fluctuated lower this morning with a resistance locating at 60-day MA. In domestic physical market, inquiry looks steady but some people were still under big fund pressure hence they still hesitate to purchase. Overall sentiment was stable this morning’s quotations were in a narrowing contango compared with last week’s. The dealers looked active in cash-out but overall volume changed little. Major quotations of high-level copper were in 40c-level this morning.

Edited by SHMET