SHANGHAI, Nov. 1 (SMM) – SHFE 1401 copper contract prices opened RMB 100/mt higher at RMB 51,960/mt on Thursday. The red metal was range-bound between RMB 51,800-52,000/mt, finding a session low of RMB 51,660/mt on selloff and falling LME copper. SHFE 1401 copper contract shed RMB 50/mt or 0.1% to close at RMB 51,810/mt. Trading volumes were off 5,716 lots, while positions were up 4,458 lots. SHFE copper for January delivery may stage a rally in the near term due to strong technical support.
Spot copper in Shanghai was quoted at a contango of RMB 60-180/mt over SHFE 1311 copper contract Thursday morning. Traded prices were RMB 51,860-51,940/mt for standard-quality copper, and RMB 51,920-52,060/mt for high-quality copper. SHFE copper was mired. Most suppliers stayed out of the market on the last day of the month. Holders of hydro-copper held offers firm due to tight supply. Traders held a wait-and-see stance against cash squeeze, while downstream producers purchased in small amounts. In the afternoon, cargo holders became less willing to move goods, with contango for spot copper narrowing to RMB 10-160/mt. Traded prices nudged lower to RMB 51,750-52,000/mt. Some traders started purchasing, but overall trading remained modest.