SHANGHAI, Jan. 13 (SMM) -- SHFE copper market moved downwards after a lower open, and prices advanced in the afternoon business thanks to a rising A-shares market, with brisk trading sentiment, and prices generally fluctuated around the 5-day moving average. Positions for SHFE 1004 copper contract dropped by 4,864 lots, and prices dropped as low as RMB 61,300/mt, with prices finally closing at RMB 61,780/mt, and the level of RMB 62,000/mt remained the next target. SHFE current-month copper contract prices slid to RMB 60,950/mt, touching as high as RMB 61,350/mt in the afternoon session.
Spot copper prices inched down along with falling SHFE copper prices. Supply of unknown branded imports increased, and some importers who have earned money reported discounts at negative RMB 150~250/mt for sales promotion, which weighed on domestic copper. However, Jiangxi Copper Company and Yunnan Copper Company maintained discounts in the negative RMB 50-100/mt range. Market transactions in the morning were dominated by imported goods, with prices generally in the RMB 60,800-61,000/mt range. In the afternoon business, domestic high-quality products dominated market supply after the daily sales target of imports was reached, with low selling interest reported. Traded prices moved higher to RMB 61,000/mt following rising SHFE copper prices, with the high-end level reaching RMB 61,300/mt. Trading sentiment was moderate, since current price corrections were still unable to generate purchasing interest. SMM believes any downward room will be limited in the short term, and prices will continue to fluctuate at high levels.
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