SHANGHAI, Oct. 23 (SMM) – The most active SHFE 1412 copper contract started Tuesday’s night session at RMB 47,100/mt, and then surged to RMB 47,330/mt before falling back to end up RMB 530/mt at RMB 47,060/mt. Trading volumes for the most active contract totaled about 160,000 lots, and positions shrank by 3,836 lots.

SHFE copper initially struggled under RMB 47,200/mt, and slipped to RMB 46,930/mt before finishing up RMB 430/mt, or 0.92%, at RMB 47,070/mt. Trading volumes for the SHFE 1412 copper contract gained by 58,434 lots, and positions added by 10,154 lots.

Physical copper in Shanghai was quoted Wednesday at a RMB 60-130/mt premium to the SHFE 1411 copper contract. Traded prices were RMB 47,900-47,980/mt for standard-quality copper and RMB 47,940-48,040/mt for high-quality copper. As SHFE copper weakened on Wednesday, cargo holders continued moving goods steadily, with a variety of copper brands found in the market. The price of low-quality hydro-copper held firm due to tight supply. Middlemen slowed operations, while downstream producers bought only on an as-needed basis, leaving trading activity worse than Tuesday.

As SHFE copper fell during the afternoon trading session, physical copper was quoted at a RMB 50-120/mt premium and traded lower at RMB 47,830-48,000/mt. Supply was abundant on Wednesday since cargo holders grew more willing to sell, but trading activity slowed.