SHANGHAI, Feb. 25 (SMM) –SHFE 1504 copper contract opened the night session at RMB 42,100/mt on February 16. The most active contract touched session high of RMB 42,180/mt and session low of RMB 41,980/mt before finishing up RMB 220/mt at RMB 42,130/mt. Positions fell 638 to 251,462, and trading volumes were only about 70,000 lots.
On February 17, SHFE 1504 copper contract touched an intraday low of RMB 41,950/mt, but gained RMB 200/mt in the afternoon as bears exited. Finally, April copper on the SHFE ended up RMB 290/mt or 0.69% at RMB 42,200/mt. Positions of SHFE 1504 copper contract dropped 15,452 to 236,648, with trading volumes down 90,000. Positions of SHFE 1505 copper contract increased 4,196 to 250,464, making the contract the most active one.
Spot copper quoted at discounts of RMB 150-200/mt to SHFE 1503 copper contract in Shanghai early on February 17. Traded prices were RMB 41,850-41,850/mt for standard-quality copper and RMB 41,900-42,000/mt for high-quality copper. Trading stalled in Shanghai market on the last working day before the Chinese New Year. Downstream buyers stayed out of the market as logistics service has been suspended.
