SHANGHAI, Apr. 18 (SMM) – The most active SHFE copper contract hovered near RMB 43,700/mt on Friday and lacked momentum to rise further. At the tail of trading, the prices touched a high-end level seen Thursday night and ended up RMB 550/mt at RMB 43,690/mt. Trading volumes in SHFE 1506 copper contract fell by 20,816 lots and positions posted a 24,700 decline. SHFE reported a 9,940 mt decline in copper stocks to 230,835 mt last week.
Spot copper was offered at premiums of RMB 80-120/mt to SHFE 1505 copper contract on Friday. Prices are RMB 43,380-43,890/mt for standard-quality copper and RMB 43,820-43,920/mt for high-quality copper.
Some speculators bought goods in spot market after SHFE copper rebounded, and quotations for hydro-copper and standard-quality products remained high on scarcity. However, transactions were rarely made after prices climbed. Both sellers and buyers refused to budge on prices.