SHANGHAI, Jun. 18 (SMM) –SHFE 1508 copper contract prices started at RMB 42,050/mt for night trading Tuesday and dipped to a low of RMB 41,730/mt before closing at RMB 41,770/mt, down RMB 400/mt.
The most active SHFE copper contract met resistance from RMB 42,000/mt on Wednesday and moved mainly around RMB 41,800/mt in the morning. The prices finally ended at RMB 41,810/mt, down RMB 360/mt. Positions shrank by 6,032 and trading volumes dropped 20,692 lots. SHFE 1509 copper contract positions increased 6,296.
Spot copper quoted at premiums of RMB 140-200/mt to SHFE 1507 copper contract early Wednesday. Traded prices were RMB 42,060-42,220/mt for standard-quality copper and RMB 42,080-42,260/mt for high-quality copper. In the afternoon, the spot premiums narrowed slightly to RMB 1400-190/mt due to increasing supply.
Cargo holders held goods back after SHFE copper dropped, and transactions between traders remained brisk, allowing spot premiums to expand. Downstream buyers increased purchases when prices fell to around RMB 42,000/mt.