SHANGHAI, Jun. 28 (SMM) – With LME copper fluctuating weakly overnight, SHFE 1310 copper contract opened RMB 160/mt lower at RMB 48,300/mt on Thursday. The most active SHFE copper contract bounced back from lows thanks to dip-buying, but still failed to break through RMB 48,920/mt. In the afternoon, SHFE copper for October delivery hovered around the daily moving average before closing at RMB 48,780/mt, up RMB 320/mt or 0.66%. Trading volumes contracted 146,000 lots and positions were also down 33,122 lots. SHFE copper has not yet completely shaken off technical resistance and may move lower again.
Spot copper in Shanghai was offered at a discount of RMB 20-180/mt over SHFE 1307 copper contract prices on Thursday. Traded prices for standard-quality copper were between RMB 49,000-49,250/mt, and RMB 49,100-49,350/mt for high-quality copper. SHFE 1310 copper contract drifted higher after a low opening. Cargo holders continued to aggressively move goods to generate cash, with offers lower than SHFE current-month copper contract prices. SHFE copper fell back from highs during the second trading session, stimulating a few middlemen to sell SHFE copper while buy spot copper. Downstream purchasing remained on an as-needed basis. In the afternoon, discounts for spot copper remained stable at RMB 50-150/mt, with traded prices at RMB 49,000-49,200/mt.