SHANGHAI, Jun. 26 (SMM) – The most active SHFE copper contract opened at RMB 42,290/mt Wednesday night and rose to RMB 42,360/mt. But the prices then soon fell back with longs cutting positions and stabilized around RMB 41,600/mt before ending the session at RMB 41,970/mt, off by RMB 60/mt.
SHFE 1508 copper contract prices mainly stayed around RMB 41,930/mt Thursday and remained under resistance from RMB 42,000/mt. The 5% slump in China’s stock market dragged SHFE copper to RMB 41,800/mt before a lower ending at RMB 41,920/mt. The prices lost RMB 110/mt. Positions of the most active copper contract fell by 16,328, while SHFE 1509 copper contract positions increased 4,398.
Spot copper was offered at a premium of RMB 220-250/mt over SHFE 1507 copper in Shanghai market on Thursday. Standard-quality copper settled between RMB 42,280-42,320/mt while high-quality copper traded between RMB 42,300-42,350/mt.
Traded prices for standard-quality copper and hydro-copper quoted as high as high-quality copper prices. This mainly resulted from the shortage in standard-quality copper and hydro-copper. Some traders sourced goods in the market. Downstream buyers purchased less than before owing to tight liquidity. Therefore, trades remained soft.