SHANGHAI, Jun. 29 (SMM) – SHFE 1509 copper contract prices stabilized early Friday but met strong resistance from RMB 42,000/mt. The September-delivery copper rallied in the afternoon despite an 8.5% slump in Chinese shares and touched a high of RMB 42,500/mt before ending at RMB 42,240/mt, up RMB 380/mt. Positions of the most active copper contract grew 4,618 and trading volumes were up 51,462 lots. Total SHFE copper positions declined 25,674.
SHFE reported a 12,270 mt decline in copper stocks in its approved warehouses last week to 112,921 mt
Spot copper quoted at a premium of RMB 250-290/mt over SHFE 1507 copper in Shanghai on Friday. Mainstream prices were RMB 42,400-42,500/mt for standard-quality copper and RMB 42,420-42,540/mt for high-quality copper.
SHFE copper prices rose. Markets turn anemic gradually during middle of this year and late Q2. Spot supply also fell with standard-quality copper and hydro-copper hard to source. Downstream buyers purchased on need, leaving trades light.