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SHMET Spot Market Briefing 20100707-Copper

Shanghai Spot Metal Quote (SHMET) More
Jul 07 2010
Metals Price(RMB/T) Change b/c
Copper 53100-53350 +200 b 200/b 300
Aluminum 14660-14700 +40 c 30/b 10
Lead 14650-14850 +50  
1#Zinc 15000-15100 -50 c 135/c 35
0#Zinc 15050-15150 -50 c 85/b 15
Tin 138000-139500 +250  
Nickel 152000-153500 +1000  


China’s spot copper is quoted between RMB 53100 and 53350 per tonne, up RMB 200, with trading from 200 to 300 backwardation. The bottom will be seen in the short term for stock market. Premier Wen pointed out that stimulus policy can not easily quit with complex economy recovery and second round of stimulus measures would be implemented. Under the shadow of regulation policy on estate, the decline of copper price has paused for the moment. However the crisis has never been removed. Even copper rebound in the short term, copper will still keep consolidating on downside.

“ There was no improvement in the spot market after SHFE Copper opening higher today. The market was in a mixed tone due to weaker consumption from downstream mills. The sentiment was totally different in the market. Some traders waited for boom and kept stocks, while most traders were more willing to sell cargoes at a moderate price. ” A trader said to SHMET.  

“ Little power was seen to push copper price higher. The enquires from downstream consumers were less because of unstable momentum. The sentiment in copper was likely to remain bearish. We sold about 300 tonnages at RMB 53250 per tonne in the AM session. Although copper got support from decreasing inventory on the LME, the demand was still soft. ” Another trader said to SHMET.

Report by SHMET

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The Most authoritative non-ferrous metals index in China—SHMETX please check:

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.

Shanghai Precious Metals Quote(SHMET) More
Jul 07 2010
Metals Price Change Units
1#Silver 4150-4160 +10 RMB/KG
2#Silver 4140-4150 +10 RMB/KG
3#Silver 4130-4140 +10 RMB/KG
Gold 260-260.8 +2.5 RMB/G
Platinum 345-348 +4 RMB/G
Palladium 109-111 +3 RMB/G