SHANGHAI, May 28 (SMM) – SHFE most active copper contract prices opened lower for the night session Tuesday and once fell by the daily limit to RMB 42,030/mt. The prices ended the night trading at RMB 44,130/mt, off RMB 590/mt.
The August-delivery SHFE copper remained in the RMB 44,100-44,300/mt for most of daytime trading hours Wednesday and ended at RMB 44,300/mt, losing RMB 420/mt. SHFE 1508 copper positions grew 23,190, with trading volumes up 36,450 lots.
Spot copper was quoted between a discount of RMB 50/mt and a premiums of RMB 20/mt to SHFE 1506 copper contract in Shanghai Wednesday morning. Standard-quality copper traded at RMB 44,330-44,430/mt, and high-quality copper sold for RMB 44,370-44,470/mt.
Spot copper was quoted at discounts to SHFE 1506 copper contract early Wednesday, but some speculators sourced goods at lows later, helping bolster spot prices. High-quality copper was offered at a slight premium near midday. Transactions between traders improved, while downstream producers still purchased as needed.
