SHANGHAI, Jul. 14 (SMM) – SHFE 1509 copper started at RMB 40,410/mt during last Friday evening session and ended down RMB 200/mt or 0.49% at RMB 40,520/mt, with the session low at RMB 40,260/mt and the session high at RMB 40,630/mt. Positions declined 626 with trading volumes totaling 150,000 lots.
The most trading contract tested a low of RMB 39,740/mt on Monday and closed the day at RMB 40,130/mt, falling RMB 590/mt or 1.45%. Trading volumes of SHFE 1509 copper dropped 271,000 lots while positions rose 4,808. Trading volume of SHFE 1510 copper were down 45,514 lots while positions grew 15,456.
In Shanghai market, spot copper was offered RMB 40-120/mt higher than SHFE 1507 copper on Monday morning. Traded prices were RMB 40,860-40,960/mt for standard-quality copper and RMB 40,880-41,000/mt for high-quality copper. In the afternoon, the premiums narrowed further to only RMB 10-70/mt.
Price gap between SHFE 1507 and 1508 copper widened above RMB 500/mt. Traders cut their price offers with the upcoming deliver day, increasing supply. The availability of imported goods also grew in market. Buyers made inquiries but limited transactions were made. Some traders purchased for term contracts and few speculators entered market, waiting for further price falls. Downstream buyers planned to purchase after the delivery.