SHANGHAI, May 19 (SMM) – SHFE copper prices moved narrowly between RMB 45,600-46,400/mt last week, with trading volumes off by 360,000 lots and positions decreasing 12,000. Many longs left the market, while some shorts intended to open positions at highs. SHFE copper has been consolidating for nearly two weeks. SHFE copper prices will remain directionless and stay between RMB 45,300-46,300/mt unless investors switch to the red metal from other markets.
Spot copper trades in China remained stable last week as prices did not present big swings. Spot premiums in Shanghai rose, and those in north and south China also held up. In Shandong, prices varied largely as some smelters conducted maintenances, so trading activities decreased.