|Shanghai Spot Metal Quote (SHMET)||More|
|Jun 04 2010|
|Copper||49800-50150||-50||b 50/b 250|
|Aluminum||13790-13830||-50||c 20/b 20|
|1#Zinc||13300-13400||-250||c 215/c 115|
|0#Zinc||13350-13450||-250||c 165/c 65|
China’s spot copper is quoted between RMB 49800 and 50150 per tonne, down RMB 50, with trading from RMB 50 to 250 backwardation. The overall macro-economy was in a mixed tone despite boosting data. Since euro zone crisis hasn’t been fully released and Chinese tightening policy is still on the pressure, the market confidence remains fragile. It is hard to show bullish for copper into the off-season, and the bearish sentiment will be unchanged in the mid-term.
“ Following limit-down yesterday, SHFE Copper opened lower and moved downside today. We got more enquires when copper price was at a lower level. With unstable momentum for the moment, we would eager to selling cargoes if copper turned to rebound. The transaction was better than yesterday’s. ” A trader said to SHMET.
“ Copper product was mainly completed at RMB 50000 per tonne. The volumes showed better than yesterday’s, about 400 tonnages. Although copper price had dropped to RMB 50000 per tonne, the demand showed narrowing amid off-season. Thus the overall transaction was moderate. ” Another trader said to SHMET.
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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.