SHANGHAI, May 27 (SMM) – SHFE 1507 copper contract prices started higher at RMB 44,760/mt for Monday’s night session and rose to RMB 45,060/mt as shorts closed positions. The prices stabilized later and finished the session with a 0.96% gain at RMB 45,060/mt.
The July-delivery SHFE copper stabilized around fell to RMB 44,800/mt early Tuesday and hovered near the RMB 44,950/mt in the afternoon before ending at RMB 44,520/mt, down RMB 110/mt with the session low at RMB 44,480/mt. The SHFE 1508 copper contract shifted to the new most-active contract in the afternoon and closed the daytime trading at RMB 44,400/mt, falling by RMB 140/mt. Positions of SHFE 1507 copper contract shrank 25,804 and trading volumes increased 38,000 lots. SHFE 1508 copper positions grew 29,280, with trading volumes up 89,016.
Spot copper was quoted between a discount of RMB 30/mt and a premiums of RMB 40/mt to SHFE 1506 copper contract in Shanghai Tuesday morning. Standard-quality copper traded at RMB 44,880-44,960/mt, and high-quality copper sold for RMB 44,920-45,020/mt. In the afternoon, copper was offered at discounts of RMB 10-40/mt.
Cargo holders sold actively at the end of the month to raise cash, narrowing spot premiums. Some goods were offered at discounts near midday. Trading was quiet as downstream buyers were cautious towards purchases. A few traders bought on dips.