SHANGHAI, Nov. 8 (SMM) – SHFE 1401 copper contract prices opened RMB 170/mt lower at RMB 51,350/mt on Thursday. The red metal drifted lower to RMB 51,250/mt as shorts liquidated positions, but followed LME copper up above the daily moving average, regaining earlier losses. However, the prices remained under the resistance at RMB 51,530/mt. SHFE 1401 copper contract shed RMB 30/mt or 0.06% to close at RMB 51,490/mt. Trading volumes and positions plunged by 38,652 lots and 5,518 lots, respectively.
Spot copper in Shanghai was quoted at a contango of RMB 0-50/mt and a backwardation of RMB 0-50/mt over SHFE 1311 copper contract. Traded prices were RMB 51,440-51,520/mt for standard-quality copper, and RMB 51,480-51,600/mt for high-quality copper. High-quality copper was offered at a backwardation. Suppliers held back goods at low prices. Some traders went bargain hunting in the morning, while downstream producers purchased on an as-needed basis. In the afternoon, some sellers in spot markets lowered quotations, but others held prices firm, leaving quotes in the market unchanged. Traded prices rose to RMB 51,550-51,700/mt. Supplies increased, and transactions remained modest.