|Jun 03 2010|
|Copper||53750-54100||-300||b 100/b 250|
|Aluminum||14610-14650||-170||c 70/c 30|
|1#Zinc||14800-14900||-350||c 315/c 215|
|0#Zinc||14850-14950||-350||c 265/c 165|
China’s spot copper is quoted between RMB 53750 and 54100 per tonne, down RMB 300, with trading from RMB 100 to 250 backwardation. The regulation policy of real-estate will probably continue. Chongqing Finance Bureau officials said the levy of property tax program has been submitted to the State Council and waiting for approval, which triggered a downside momentum in the market yesterday afternoon. China regulation policy of real estate has been a crucial factor for metal price in the short term.
“ SHFE Copper extended its rally in the late afternoon yesterday. Although copper opened higher today, it was still pressured by the moving average. Thus the buying sentiment was weaker. It was hard to rise above RMB 56000 per tonne for copper price. And there was much pressure for dropping in the following day.” A trader said to SHMET.
“ Copper products were mainly completed at RMB 53900 per tonne, about 400 tonnages. Since the copper price was in an unstable tone recently, traders were eager to selling cargoes while copper rebound today. However the purchasing enthusiasm showed soft and we got less enquires. ” Another trader said to SHMET.
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