SHANGHAI, May 20 (SMM) – SHFE 1507 copper contract prices opened at RMB 45,960/mt for night session of Monday, and dipped to a low of RMB 45,680/mt before ending at RMB 45,780/mt, down by RMB 190/mt. Positions decreased 3,202 and trading volumes grew to about 120,000 lots.
The most active SHFE copper contract stabilized at RMB 45,800/mt early Tuesday, and then moved higher to RMB 45,950/mt before ending at RMB 45,710/mt, falling by RMB 260/mt. SHFE 1507 copper contract positions declined 9,272, and trading volumes grew 13,190 lots.
Spot copper was still offered at premiums of RMB 40-130/mt to SHFE 1506 copper contract in Shanghai Tuesday morning. Standard-quality copper traded at RMB 45,850-45,980/mt, and high-quality copper sold for RMB 45,880-46,050/mt. Spot premiums were RMB 50-120/mt in the afternoon.
Cargo holders offered higher premiums early Tuesday, and some speculators sourced goods in the market, enlivening spot trades. Later, however, some traders increased supplies, causing spot premiums to narrow, especially for high-quality copper. Downstream buyers still purchased as needed.