|Shanghai Spot Metal Quote (SHMET)||More|
|Jun 04 2010|
|Copper||50000-50200||-3350||c 250/c 100|
|Aluminum||13840-13880||-690||b 50/b 90|
|1#Zinc||13550-13650||-700||c 230/c 130|
|0#Zinc||13600-13700||-700||c 180/c 80|
China’s spot copper is quoted between RMB 50000 and 50200 per tonne, dropping RMB 3350, with trading from RMB 250 to 100 contango. Under the shadow of expanding Euro sovereign debts crisis, Euro against USD hit the lowest level at $1.20 in four years. Ongoing worries about the Chinese policy of cooling economy will dampen the demand for metals in China, triggering a continuing bearish sentiment in the market.
“ Weighed by tumbling LME, SHFE Copper opened limit down today which lead to stronger fears throughout the market. Both internal and external market wasn’t conducive to the copper price. Slumping copper triggered a different sentiment on the market. Some traders were unwilling to sell cargoes at prevailing price, while downstream consumers adopt a more negative attitude for the market. ” A trader said to SHMET.
“ Copper products were mainly completed at RMB 50050 per tonne, about 300 tonnages. With unstable momentum, we daren’t to predicate how market would be in the following days. There was very much a watch-and-wait scenario in the market, thus the transaction was pretty sluggish today. ” Another trader said to SHMET.
More analysis please visit at http://en.shmet.com
SHMET History Data for Nickel (from2001 to 2010) please visit at http://en.shmet.com/Data/Data.aspx?metal=1&year=2010
The Most authoritative non-ferrous metals index in China—SHMETX please check: http://en.shmet.com/PriceIndex/Shmetx.aspx
Shanghai Metal Price Index, “SHMETX” for short, reflects non-ferrous metals’ spot prices of Shanghai comprehensively, compiled and published by Shanghai Metals Exchange (“SHMET”). Its characteristics are objective, high-efficiency, professional, authoritative, etc. The average prices of sampling varieties can be the standard of quoting prices and reference inside and outside the industry.
Disclosure: no positons