SHANGHAI, Nov. 15 (SMM) – SHFE 1401 copper contract prices opened RMB 380/mt lower at RMB 50,420/mt on Thursday. Some shorts booked profits, easing downward pressure on the contract. The metal climbed to RMB 50,660/mt before retreating and closed RMB 350/mt or 0.69% lower at RMB 50,450/mt. Trading volumes and positions contracted by 119,000 lots and 20,560 lots, respectively.
Spot copper in Shanghai was quoted at a premium of RMB 50-150/mt over SHFE 1311 copper contract on Thursday, with price difference between spot and SHFE copper prices further narrowing ahead of delivery date. Traded prices were RMB 50,670-50,770/mt for standard-quality copper, and RMB 50,730-50,830/mt for high-quality copper. The price gap between imported and domestic standard-quality copper widened. Guixi copper was offered higher than other high-quality copper brands. Traders stayed out of the market since there was little room for arbitrage. Downstream producers built up stocks in small amounts at below RMB 51,000/mt. In the afternoon, most goods available in the market were standard-quality copper and supply was relatively ample. Spot copper was offered at a premium of RMB 50-120/mt, with most deals made at RMB 50,650-50,800/mt. Trading was light in the afternoon.