SHANGHAI, Aug. 3 (SMM) – Last Friday, SHFE 1510 copper contract moved around RMB 39,350/mt during daytime trading and fell to RMB 38,190/mt after meeting resistance from RMB 38,640/mt to end at RMB 38,250/mt, down RMB 430/mt or 1.11%. Trading volumes fell 17,300 lots but positions rose 12,806.
Copper inventories in SHFE approved warehouses grew 1,866 mt to 103,117 mt, as imported copper flooded in after the SHFE/LME copper price ratio increased.
Spot premiums SHFE 1508 copper in Shanghai in China’s copper market were RMB 50-120/mt early Friday but slipped to RMB 20-60/mt at one point in the afternoon as month-end cash crunch prompted cargo holders to sell aggressively. Some traders entered the market after premiums fell, allowing spot premiums to rebound to RMB 50-100/mt later.
Traded prices were RMB 38,940-39,020/mt for standard-quality copper and RMB 38,960-39,060/mt for high-quality copper.