|Shanghai Spot Metal Quote (SHMET)||More|
|Jul 07 2010|
|Copper||53100-53350||+200||b 200/b 300|
|Aluminum||14660-14700||+40||c 30/b 10|
|1#Zinc||15000-15100||-50||c 135/c 35|
|0#Zinc||15050-15150||-50||c 85/b 15|
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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Shanghai Precious Metals Quote(SHMET)
Jul 07 2010 Metals