SHANGHAI, Apr. 15 (SMM) – The SHFE/LME copper price ratio remained at 7.0 last week, with SHFE 1407 copper contract prices trading between RMB 46,000-46,900/mt. Traded volumes for SHFE copper fell by 1.5 million lots, while positions surged by nearly 42,000 lots. Most investors were cautious around the Chinese Qingming Festival. Traded volumes during last week’s night sessions were up and hit a high of 210,000 lots last Wednesday. SHFE 1407 copper contract prices should move this week between RMB 45,800-46,900/mt.
SHFE copper prices remained low last week, and the price gap between SHFE 1404 and 1405 copper contracts widened to RMB 400/mt. Spot premiums over SHFE current month copper contract prices failed to further expand due to stronger selling interest at cargo holders.