SHANGHAI, Jun. 1 (SMM) – The August-delivery SHFE copper drifted higher at RMB 44,250/mt, and tested a high of RMB 44,320/mt last Friday. The prices then moved in a narrow range and closed at RMB 44,300/mt, up RMB 170/mt. SHFE 1508 copper positions grew 2,236, with trading volumes down 120,000 lots. Total SHFE copper positions fell by 20,482. SHFE reported a 6,582 mt decline in copper stocks to 156,053 mt last week.
Spot copper was quoted at premiums of RMB 20-60/mt to SHFE 1506 copper contract in Shanghai last Friday, with trading enlivened. Traded prices were RMB 44,420-44,460/mt for standard-quality copper and RMB 44,440-44,480/mt for high-quality copper.
Trading was quiet in spot copper market on the last trading day of May. A few traders bought at lows, but supply of low-priced goods was limited. Price difference between brands narrowed. Downstream buyers only watched from the sidelines.