SHFE copper prices record highs

摘要

LME 3-month price posted a consecutively hiking picture in April pushed by lowering stock and strong demand. After broke US 6000 dollar a tonne on April 12, LME 3- month price adjusted momently on April 19 due to LME stock increase (7750 tonnes) and the long cover. But it broke the high US 7000 dollar a tonne on April 25 and closed at US 7237.5 dollar a tonne. The reason for price soar likely was that market participants were worried about supply side because of miners' strike and less stock, in addition, strong copper demand resulted from economy increase of American, EU, China and Indian contributed it a lot. Although fund's speculated activity can't be witnessed by CFTC report, but it was believed that fund's action was crucial factor determining the price trend. On April 25, LME and Comex copper stock lowered to 117,450 tonnes and 17,479 tonnes respectively. Latest CFTC report showed a -1,564 lots of net long position. SHFE copper price rose following LME 3-month price. It broke 60,000 Yuan a tonne on April 18 and the most activity 0607 copper contract reached record high 66,400 Yuan per tonne on April 26. Pushed by soar of LME 3-month price, SHFE copper contract saw limit up on April 24,26 respectively. SHFE copper open interest in April maintained at 100,000 lots or so and copper stock was 34,205 tonnes.