SHANGHAI, Apr. 30 (SMM) –The July-delivery SHFE copper fell below RMB 44,000/mt soon after opening on Wednesday and hit a low of RMB 43,730/mt. In the afternoon, stock market rally helped drive the prices up briefly, but the most active contract fell back again and ended down RMB 120/mt at RMB 43,730/mt. Positions increased 33,840 and trading volumes declined 6,238 lots. SHFE copper suffered selling pressure with longs booking profits at highs.
Spot copper quoted at premiums of RMB 100-150/mt in Shanghai Wednesday morning. Standard-quality copper traded at RMB 44,120-44,160/mt, and high-quality copper sold for RMB 44,140-44,200/mt.
Supply was ample in spot copper market, and dealers rarely entered the market. Downstream buyers seldom purchased due to tight cash. Spot premiums were offered at premiums of RMB 70-130/mt in the afternoon, and some traders and downstream buyers purchased at lows.