SHANGHAI, Nov. 12 (SMM) – SHFE 1601 copper opened lower at RMB 37,500/mt during Tuesday night session with falling LME copper and lurched down to RMB 37,140/mt. But later the red metal returned to RMB 37,320/mt before ending at RMB 37,430/mt, falling RMB 30/mt or 0.08%. Positions were up 4,620 to 316,966 with trading volumes around 330,000 lots.
SHFE copper once challenged night session’s high of RMB 37,580/mt on Wednesday and then fell below moving average due to poor reading of China’s value-added at industrial enterprises. The contract sank to a fresh low at RMB 37,050/mt before closing at RMB 37,100/mt with a loss of 0.96%. Positions increased 14,724 to 327,070 and trading volumes totaled 610,000 lots. Positions for far copper contracts also grew over 10,000, mirroring great sell-off pressures.
On Wednesday, spot copper traded at premiums of RMB 20-70/mt over SHFE 1511 copper in Shanghai market. Mainstream prices were RMB 37,420-37,540/mt for standard-quality copper and RMB 37,440-37,580/mt for high-quality copper.
Cargo holders were more willing to hold prices firm on Wednesday and mainly quoted at premiums of RMB 20-70/mt in the morning. But ample supply contained overall trading activities and spot copper prices gradually fell back.
![긴축 압력이 단계적으로 정점에 달하며, 가장 활발하게 거래되는 SHFE 주석 선물이 계속 반등하다 [SMM 주석 오전 장중 리뷰]](https://imgqn.smm.cn/usercenter/TYKtM20251217171753.jpg)
![상하이선물거래소(SHFE)에서 가장 활발하게 거래된 주석 선물 계약은 야간 거래에서 1.36% 상승한 405,050위안에 마감했으며, 405,000위안/톤 수준은 아직 시험되지 않았다 [SMM 주석 모닝뉴스]](https://imgqn.smm.cn/usercenter/ASfFn20251217171751.jpg)
![SHFE 주석은 주간 장중 1.61% 상승하며 400,000선을 회복했다. 금리 인상이 현실화된 후 400,000-405,000 구간에서 횡보했다. [SMM 주석 모닝 미팅 요약]](https://imgqn.smm.cn/usercenter/reOma20251217171751.jpg)
