Author：Site  Source：Original Site  Click to rate：1600  Post time：2014-09-16

Tags: SHFE copper prices,  SHFE aluminum prices,  SHFE lead prices,  aluminium circle,  Shanghai tin prices,  Shanghai nickel prices

SHANGHAI, Sept. 16 (SMM) – The US dollar rose to near 84.5 on disappointing US non-farm payrolls. China’s CPI and PPI data were downbeat. Chinese Premier Li Keqiang’s remarks dashed hopes for stimulus measures later this year. In this context, base metals prices in China fell across the board in the week ending September 12, with SMMI down as much as 2.57%. Zinc led losses among base metals, with SMMI.Zn tumbling 4.06% as investors slashed bullish bets. LME nickel prices lost nearly 7% following reports that there might be a five-year grace period after a bill seeking a halt to exports of unprocessed ores in the Philippines takes effects. Jinchuan Group cut offers several times. This caused SMMI.Ni to drop by 2.98%. SHFE lead prices lost technical support, with SMMI.Pb down 2.66%. SHFE copper prices slumped as short sellers jumped in. Oversupply and tepid demand in physical market sent SMMI.Cu down 2.44%. Growing arrivals and falling SHFE aluminum prices dragged SMMI.Al down 2.21%. Tin prices in domestic market fell less sharply than LME tin, with SMMI.Sn losing a mere 0.56%.       Copper  SHFE copper prices slipped to RMB 48,000/mt last week due to growing selling pressures and posted a 3.4% weekly fall. The SHFE/LME copper price ratio dropped. Traded volumes for SHFE copper contracts increased nearly 400,000 lots, and positions soared by 77,000 lots. Trading activities in night sessions improved noticeably, with daily volumes exceeding 200,000 lots.   The price difference between SHFE 1409 and 1410 copper contract widened to RMB 400/mt last week. Hedged goods flowed into physical copper market after SHFE copper prices slumped. 
 

from metal.com