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SHMET Spot Market Briefing 20100602-Copper

Shanghai Spot Metal Quote (SHMET)  
Metals Price(RMB/T) Change b/c
Copper 53800-54400 -500 b 100/b 250
Aluminum 14780-14820 -120 b 30/b 70
Lead 14500-14700 -100  
1#Zinc 15100-15300 -350 b 75/b 275
0#Zinc 15150-15350 -350 b 125/b 325
Tin 141500-143000 flat  
Nickel 164000-165000 -5000  

6/2/2010 2:10:43 PM

China’s spot copper is quoted between RMB 53800 and 54400 per tonne, down RMB 500, with trading from RMB 100 to 250 backwardation. Under the shadow of Chinese tightening policy and Euro zone debts issue, copper price finished its temporary rally. There will be some potential for consolidation or falls in the following days.

“ Pressured by the moving average, SHFE Copper continued yesterday’s downside trend. It was possible that copper price would fall again without positive news in the short-term. Market participants showed more cautious, thus we got less enquires. ” A trader said to SHMET.

“ Copper products were mainly completed at RMB 54100 per tonne, about 300 tonnages. The purchasing sentiment was weaker, and downstream consumers just brought cargoes according to their requirement. However the demand for higher-graded products were stronger. ” Another trader said to SHMET.

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