SHANGHAI, Jul. 17 (SMM) – SHFE 1509 copper started at RMB 40,670/mt and ended down RMB 170/mt or 0.42% at RMB 40,290/mt Wednesday night, with the low-end price at RMB 40,260/mt.
On Thursday, SHFE copper touched a low of RMB 39,880/mt earlier but later rolled backed the losses thanks to jumping stock-index futures prices. The red metal extended the rising momentum to advance to RMB 40,740/mt, to close at RMB 40,680/mt, gaining RMB 220/mt or 0.54%. Trading volumes were up 85,438 lots but positions fell 3,822.
Cargo holders were raised spot premiums but markets did not accept the hike. Besides, more copper imports flowed into Chinese market, sending spot premiums down. Traders rushed to buy at low while downstream buyers purchased on need, leaving trades quiet.
Spot copper was offered RMB 220-300/mt higher than SHFE 1508 copper in Shanghai Thursday morning and narrowed to RMB 180-260/mt in the afternoon. Traded prices were RMB 40,900-40,980/mt for standard-quality copper and RMB 40,920-41,020/mt for high-quality copper.