SHANGHAI, Apr. 7 (SMM) – The June delivery SHFE copper hovered near RMB 43,400/mt after opening on Friday and touched a low of RMB 43,160/mt at the tail of trading before ending at RMB 43,280/mt. Positions in the most active contract decreased 6,626, and trading volumes declined 163,000 lots. SHFE will be closed next Monday for the Tomb Sweeping Day holiday. SHFE reported an increase of 3,064 mt in copper stocks last week, to 246,656 mt.
Spot premiums in Shanghai’s copper market narrowed on Friday with downstream buyers holding back and sellers cautious before the Tomb Sweeping Holiday.
Spot copper in Shanghai market quoted between a discount of RMB 30/mt and a premium of RMB 30/mt to SHFE 1504 copper contract Friday morning, with standard-quality copper trading at RMB 43,470-43,530/mt and high-quality copper selling for RMB 43,500-43,570/mt. Prices fell in the afternoon to RMB 43,350-43,520/mt.