SHANGHAI, May 11 (SMM) – China’s stock market was volatile last week. SHFE copper jumped to touch 46,400/mt last Monday, up 3.5%, but mounting resistance from RMB 46,000/mt and a shift of funds into other commodities – particularly nickel – caused copper prices to pull back. Positions in SHFE copper declined significantly. SMM expects SHFE copper to move between RMB 45,000-46,200/mt this week.
Rallying copper prices curbed spot trades in China last week, narrowing premiums in Shanghai, north China, and south China. Prices in Shandong held elevated due to smelter maintenances.