SHANGHAI, Jul. 24 (SMM) – SHFE 1509 copper started at RMB 39,150/mt Wednesday night and ended down RMB 600/mt or 1.51% at RMB 39,050/mt with the session high at RMB 39,280/mt and the session low at RMB 38,940/mt.
On Thursday, the red metal touched a low of RMB 38,710/mt and then advanced to RMB 39,490/mt. In the afternoon, the contract moved narrowly around RMB 39,250/mt. SHFE 1509 copper ended at RMB 39,180/mt, down RMB 470/mt or 1.19%. Trading volumes of SHFE 1509 copper rose 380,740 lots with positions up 3,674.
SHFE 1510 copper shifted to the most active contract. SHFE 1510 copper touched a high of RMB 39,260/mt and a low of RMB 38,490/mt, to close at RMB 38,930/mt, falling RMB 420/mt or 1.07%. Trading volumes of SHFE 1510 copper were up 35,092 lots and positions jumped 7,154.
Spot copper traded RMB 270-330/mt higher than SHFE 1508 copper in Shanghai, versus RMB 39,440-39,880/mt for standard-quality copper and RMB 39,480-39,940/mt for high-quality copper.
SHFE copper slipped near RMB 1,000/mt and large number of speculators hunted cheap copper, driving trades up at lows. In the afternoon, SHFE copper rallied over RMB 500/mt. Trades buying copper in the morning moved goods out for profit-taking and spot supply increased. But spot premiums only fell slightly and trades were thus limited. Traders were then slow to enter market while downstream buyers had troubles in sourcing cheap copper and purchased as needed. Deals were hence mainly made between speculators.