SHANGHAI, Jun. 11 (SMM) –SHFE 1508 copper contract prices started at RMB 43,320/mt for Tuesday’s night session and followed LME copper up to RMB 43,520/mt but met resistance at this level. The most active SHFE copper contract gave back earlier gains and finished the night session at RMB 43,250/mt, up RMB 50/mt.
August-delivery SHFE copper contract hovered near RMB 43,280/mt early Wednesday but drifted higher to RMB 43,350/mt and finished the daytime trading at RMB 43,370/mt, up RMB 170/mt. Trading volumes increased 7,136 lots and positions were up 860.
Spot copper premiums in Shanghai were still at RMB 50-90/mt to SHFE 1506 copper contract early Wednesday and narrowed to RMB 40-70/mt in the afternoon. Traded prices were RMB 43,500-43,560/mt for standard-quality copper and RMB 43,520-43,590/mt for high-quality copper.
Trades remained light in spot copper market, and standard-quality copper and hydro-copper still gained more popularity, narrowing their price gap with high-quality copper. Downstream buyers were unwilling to build additional stocks.