SHANGHAI, May 18 (SMM) – The most active SHFE copper contract dipped to RMB 45,770/mt early Friday but then regained the losses to end the daytime trading at RMB 46,040/mt, up RMB 40/mt. SHFE 1507 copper contract positions grew 2,048, and trading volumes declined 59,560 lots.
SHFE 1505 copper contract closed up RMB 30/mt at RMB 46,020/mt on its last trading day, with positions at 12,920.
SHFE reported a 10,147 mt decline in copper stocks last week to 173,157 mt.
Spot copper was still offered at premiums of 40-140/mt to SHFE 1505 copper contract in Shanghai Friday morning. Standard-quality copper traded at RMB 45,830-46,000/mt, and high-quality copper sold for RMB 45,880-46,050/mt.
Price gap between SHFE 1505 and 1506 copper contracts was around RMB 50/mt on the last trading day of the May-delivery copper. Some traders optimistic about copper premiums sourced cheaper goods in the market. Cargo holders refrained from selling, however, considering high SHFE 1506 copper contract prices, expanding spot premiums to RMB 140/mt near midday. Downstream buyers were cautious towards purchases as quotations differed largely.
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