SHANGHAI, May 9 (SMM) –The July-delivery copper hovered near RMB 45,900/mt Friday with resistance at RMB 46,000/mt, and closed up RMB 90/mt at RMB 45,970/mt. Trading volumes declined 52,390 lots, and positions were up 5,250. SHFE reported a 4,861 mt decline in copper stocks in its registered warehouses.

Spot copper quoted between a RMB 30/mt discount and a premium of RMB 30/mt to SHFE 1505 copper contract in Shanghai early May 8. Standard-quality copper traded at RMB 45,920-46,050/mt, and high-quality copper sold for RMB 45,950-46,100/mt.

SHFE 1506 copper contract prices outperformed SHFE 1505 copper contract, causing some speculators to buy in spot market and sell futures. Discounts on standard-quality copper declined as a result, narrowing spread between high and standard-quality copper. Trading activities declined.