SHANGHAI, Jul. 10 (SMM) – SHFE 1509 copper rose to RMB 40,790/mt after opening Wednesday night at RMB 38,650/mt. The contract stayed above RMB 39,780/mt later and closed up RMB 1,410/mt or 3.66% at RMB 39,960/mt. Trading volumes were 490,000 lots and positions fell 31,966. 

Panic sentiment in China’s stock market eased some. The most traded SHFE copper contract reached RMB 40,800/mt with shorts leaving market during Thursday morning session. In the afternoon, SHFE 1509 copper contract extended gains and ended at RMB 40,470/mt, up RMB 1,920/mt or 4.98%. Positions of SHFE 1509 copper declined 53,152 and trading volumes fell 368,000 lots.

Spot copper was offered at a premium of RMB 180-230/mt in Shanghai early Thursday. Standard-quality copper traded at RMB 41,000-41,350/mt and RMB 41,020-41,400/mt for high-quality copper. Spot premiums narrowed to RMB 170-200/mt in the afternoon.

Speculators rushed to move goods out, driving spot supply up. In response, spot premiums continued to narrow. Some traders hunted goods at lows while downstream buyers stayed cautious.