SHANGHAI, Apr. 9 (SMM) – SHFE 1506 copper contract gapped higher at RMB 43,550/mt during night session Tuesday, and touched a high of RMB 43,820/mt before ending at RMB 43,700/mt, up RMB 250/mt. Positions fell by 1,796 and trading volumes were around 130,000 lots.
The most active SHFE copper contract declined soon after starting on Wednesday, and touched a low of RMB 43,360/mt. In the afternoon, the red metal rallied to RMB 43,500/mt with Chinese stocks approaching 4,000, and closed the daytime trading at RMB 43,460/mt. Positions in the most active contract fell by 3,246, and trading volumes increased 156,000 lots.
Spot copper in Shanghai market quoted at premiums of RMB 30-60/mt to SHFE 1504 copper contract Wednesday morning. Prices are RMB 43,520-43,620/mt for standard-quality copper and RMB 43,540-43,640/mt for high-quality copper.
Trading activities declined in copper market with caution looming. A few traders continued to source goods in the market. Quotations for hydro-copper were rarely heard, while price offers for standard-quality copper moved higher. Downstream producers mostly watched from the sidelines in the morning, but started buying in the afternoon, pushing premiums up to RMB 40-70/mt.