SHANGHAI, Oct. 19 (SMM) – SHFE 1512 copper lurched down to RMB 39,690/mt answering to crude oil prices and dollar after opening at RMB 39,990/mt Thursday evening. The contract regained most losses near session’s end due to crude oil price rally and closed at RMB 39,950/mt, down RMB 40/mt or 0.1%. Positions were up 7,480 to 241,644 with trading volumes around 195,000 lots.
SHFE copper moved higher to RMB 40,120/mt on Friday but later fell back due to growing shorts and profit-taking by longs, to end at RMB 39,540/mt, down by RMB 450/mt or 1.13%. Positions grew 11,072 to 245,236 with trading volume around 450,000 lots.
Spot copper was offered between discounts of RMB 40/mt and premiums of RMB 40/mt over SHFE 1511 copper in Shanghai on Friday. Standard-quality copper traded at RMB 39,850- 40,000/mt and RMB 39,900-40,050/mt for high-quality copper.
SHFE copper returned to gains following losses on Friday. Cargo holders held prices flat with Thursday early in the morning which, however, was not accepted by buyers. Sellers cut standard-quality copper prices to push trading and thus standard-quality copper inverted to discounts quickly. High-quality copper quoted between discounts of RMB 40/mt and premiums of RMB 30/mt. Trading subdued before weekend. Downstream buyers waited for delivered goods to flow into market.