SHANGHAI, May 14 (SMM) – The most active SHFE copper contract stayed in a narrow range in most of Wednesday’s daytime trading, but rallied to RMB 46,390/mt at the tail of the session and finished up RMB 520/mt at RMB 46,260/mt. Trading volumes grew 52,876 lots, and positions increased 5,822. The July-delivery copper has found stronger support after climbing above the 5-day moving average.
Spot copper was offered at premiums of 10-90/mt to SHFE 1505 copper contract in Shanghai early Wednesday. Standard-quality copper traded at RMB 46,100-46,140/mt, and high-quality copper sold for RMB 46,140-46,200/mt. Rapid increase in SHFE copper caused spot premiums to narrow in the afternoon. Standard-quality copper was once offered at discount of RMB 20/mt.
Cargo holders sold actively at highs and held prices up out of bullish mood. Quotations for high-quality copper varied largely. Some traders sourced goods at lows, but purchases made by downstream producers declined noticeably after replenishing stocks Tuesday.