SHANGHAI, Nov. 22 (SMM) – SHFE 1402 copper contract prices opened RMB 150/mt lower at RMB 50,110/mt on Thursday, weighted down by falling LME copper overnight. SHFE 1402 copper contract fell to RMB 49,910/mt due to selloffs, but followed LME copper up in the afternoon and rose further to RMB 50,380/mt after investors closed short positions. The contract ended the day up RMB 20/mt or 0.04% at RMB 50,280/mt. Trading volumes and positions were up 19,990 lots and 16,878 lots, respectively. Despite the rally, bearish sentiment still lingers.
Spot copper in Shanghai was quoted at a premium of RMB 80-180/mt over SHFE 1312 copper contract on Thursday. Traded prices were RMB 50,420-50,480/mt for standard-quality copper, and RMB 50,480-50,580/mt for high-quality copper. Holders of imported copper became more willing to sell to raise cash. Trading activity was brisk early in the morning, but diminished once copper prices rose. Suppliers of Guixi copper insisted on high offers. Traders bought in small amounts, while downstream producers watched from the sidelines. In the afternoon, cargo holders moved goods aggressively as SHFE copper rose slightly, adding to oversupply pressure in the market, but trading improved as traders sourced goods in the market and downstream buyers also went bargain hunting. Spot copper was quoted at RMB 90-210/mt over the SHFE current-month copper contract, with traded prices at RMB 50,450-50,700/mt.