SHANGHAI, May 13 (SMM) – SHFE 1507 copper contract prices moved around RMB 45,700/mt Tuesday morning, but began rising in the afternoon to touch RMB 45,930/mt. The prices closed at RMB 45,830/mt, up RMB 50/mt. Trading volumes declined 85,276 lots, and positions dropped 4,022.
Spot copper quoted between a RMB 20/mt discount and a premium of RMB 90/mt to SHFE 1505 copper contract in Shanghai early May 12. Standard-quality copper traded at RMB 45,800-45,860/mt, and high-quality copper sold for RMB 45,820-45,920/mt.
Some speculators sourced goods in the market and some traders also purchased goods to deliver term contracts, helping lift spot premiums. Downstream buyers purchased at lows, enlivening spot trading. Traded prices were RMB 45,830-45,970/mt in the afternoon.