Author：Site  Source：Original Site  Click to rate：1221  Post time：2014-04-29

Tags: SHFE copper prices,  SHFE aluminum prices,  lead prices,  zinc prices,  tin prices,  aluminium circle

SHANGHAI, Apr. 29 (SMM) – Last week, the US dollar index lost some ground. Upbeat European economic data drove the euro up. HSBC’s flash China manufacturing PMI rose in April, injecting upward momentum to base metals complex. SMMI gained 3.15%. Copper led gains among base metals, with SMMI.Cu advancing by 4.07%. Spot copper prices in Shanghai broke through RMB 50,000/mt at one point. LME nickel rose for four weeks in a row, allowing SMM.Ni to climb 3.69%. Jinchuan Group raised ex-works prices three times by a total of RMB 5,000/mt to RMB 128,000/mt. Spot aluminum prices in China also moved higher, boosted by Chalco’s planned production cuts and consumption recovery, with SMMI.Al up 3.08%. Zinc, lead and tin prices rose less sharply than other base metals, with SMMI.Zn, SMMI.Pb and SMMI.Sn inching up 0.96%, 0.75% and 0.69%, respectively. Copper Prices for the SHFE most active copper contract were less affected by volatility in Chinese stock markets last week. Contract prices outperformed LME copper prices and rose nearly 3%, from RMB 46,300/mt to nearly RMB 48,000/mt. SHFE nearby copper contract prices remained strong, trading at RMB 49,000/mt late last week, with the price gap with the distant-month contract widening to RMB 1,400/mt. Positions surged by 33,000 lots early last week, but fell by 25,000 lots on Thursday and Friday after prices surged. Traded volumes in night sessions declined, narrowing the trading range for SHFE copper, but on Thursday, night trading turned brisk as prices rose. This week, the July-delivery SHFE copper price may challenge RMB 48,000/mt, which is also the 60-day moving average this week, with solid support at RMB 47,000/mt. Downstream buyers purchased as needed last week in China’s physical copper markets, but buyers fled markets after spot premiums over the SFHE 1405 copper contract prices surged later in the week.

from metal.com