SHANGHAI, Jul. 30 (SMM) – SHFE 1510 copper contract started higher at RMB 38,190/mt for night trading Tuesday and soon rose to RMB 38,930/mt and closed at RMB 38,690/mt, up RMB 840/mt. Positions decreased 5,400 and trading volumes were about 180,000 lots.
SHFE copper touched an intra-day high of RMB 39,400/mt during Wednesday trading session but later retreated below RMB 39,000/mt. The red metal finally ended at RMB 38,810/mt, growing RMB 960/mt or 2.54%. Trading volumes jumped 128,000 lots while positions decreased 9,262.
Spot copper premiums slipped to RMB 70-160/mt RMB 150-230/mt in Shanghai market Wednesday. Traded prices were RMB 39,520-39,840/mt for stand-quality copper and RMB 39,550-39,900/mt for high-quality copper.
A large number of copper imports flowed into China market, while speculators were keen to sell, driving supply up. Trades sold at discounts to promote sales. Big price gap existed between standard-quality and high-quality copper. The lower prices prompted some to hunt goods again, which helped spot premiums stabilize.