SHANGHAI, Apr. 27 (SMM) –SHFE 1308 copper contract started Friday RMB 1,080/mt higher at RMB 52,060/mt. After its opening, the most active SHFE copper contract advanced to RMB 52,480/mt, but later moved lower as investors closed positions. Falling Shanghai Composite Index also weighted SHFE copper for delivery in four months to RMB 51,280/mt. Finally, SHFE copper for August delivery gained RMB 790/mt or 1.55% to close at RMB 51,770/mt. Trading volumes and positions decreased 126,000 lots and 34,220 lots, respectively. How will SHFE copper move next week depends on LME copper prices during the holiday.
Spot copper in Shanghai was quoted at a premium of RMB 170-250/mt over SHFE 1305 copper contract on Friday. Traded prices for standard-quality copper were between RMB 52,300-52,650/mt, and RMB 52,350-52,800/mt for high-quality copper. SHFE 1308 copper contract moved lower after a high opening. Spot copper supply decreased. Offers for standard-quality copper were firm due to tight supplies. Some middlemen entered the market in the morning, but later sold goods out. Downstream producers increased purchases for the upcoming Chinese May Day holiday.