SHANGHAI, May 4 (SMM) – The July-delivery SHFE copper hovered around RMB 44,000/mt last Thursday with investors leaving the market before the May Day holiday. The prices increased at the tail of trading to touch RMB 44,300/mt before ending at RMB 44,240/mt, up RMB 410/mt. Positions in the most active copper contract increased 6,004 and trading volumes grew 7,014 lots.
Spot copper quoted at premiums of RMB 50-100/mt in Shanghai Thursday morning. Standard-quality copper traded at RMB 44,300-44,350/mt, and high-quality copper sold for RMB 44,340-44,400/mt. Traded prices were RMB 44,400-44,550/mt in the afternoon.
Trading activities declined significantly, and some cargo holders intended to deplete inventories on hand before the May Day holiday, and sold at discounts, pushing down spot premiums.