SHANGHAI, Nov. 25 (SMM) – Rising LME copper helped SHFE 1402 copper contract prices open RMB 490/mt higher at RMB 50,600/mt on Friday. SHFE 1402 copper contract moved in a tight RMB 100/mt band due to massive selloffs, meeting resistance at RMB 50,720/mt. Falling LME copper and a lower Shanghai Composite Index in the afternoon caused the red metal to give back some of its previous gains to RMB 50,360/mt. Finally, the contract ended the day up RMB 360/mt or 0.72% at RMB 50,470/mt. Trading volumes and positions shrank 45,214 lots and 12,224 lots, respectively. The rally may prove short-lived, though.
Spot copper in Shanghai was quoted at a premium of RMB 90-190/mt over SHFE 1312 copper contract on Friday. Traded prices were RMB 50,900-50,980/mt for standard-quality copper, and RMB 50,950-51,050/mt for high-quality copper. Supply remained stable. Imported copper continued to gain favor. Traders bought spot copper while selling SHFE copper, leaving trading brisk. Downstream consumption picked up slightly before the upcoming weekend. In the afternoon, cargo holders lower quotes, with premiums narrowing to RMB 80-180/mt. Traded prices were down slightly to RMB 50,750-51,000/mt. Some traders continued to purchase. SHFE copper stocks dropped sharply by 18,791 mt to 151,801 mt.