SHANGHAI, Jun. 5 (SMM) – SHFE 1508 copper contract prices started Wednesday’s night session at RMB 43,600/mt and rose to RMB 43,660/mt. The prices then moved lower at the tail of the session and ended at RMB 43,470/mt, down RMB 270/mt.
The August-delivery SHFE copper was still under downward pressure on Thursday, and once touched RMB 43,340/mt after a slump in Chinese shares. The red metal then regained some losses to end at RMB 43,400/mt, down RMB 340/mt. Positions in the most active copper contract declined 758 and trading volumes increased 11,746 lots.
Spot copper was offered at premiums of RMB 50-90/mt to SHFE 1506 copper contract in Shanghai early Thursday and the premiums fell to RMB 40-80/mt in the afternoon. Transactions were mainly done at RMB 43,680-43,720/mt.
Goods holders left premiums little changed Thursday after SHFE copper declined, and speculators found it hard to source low-priced goods. Hydro-copper prices remained firm on tight supply. Downstream buyers rarely entered the market, leaving trades light.