SHANGHAI, Aug. 5 (SMM) – SHFE 1510 copper contract started at RMB 37,840/mt for Monday’s night session and hit a low of RMB 37,710/mt. The most active contract rallied later after shorts left the market and rose to RMB 38,190/mt before ending the session at RMB 38,050/mt, down by RMB 150/mt.
During Tuesday trading session, SHFE copper tested a low of RMB 37,650/mt and then increased with shorts exiting market and Chinese shares rallying. The contract finally ended at RMB 38,190/mt, down by RMB 10/mt. Trading volumes dropped 31,776 lots with positions down 26,702.
Spot copper was offered at discounts of RMB 30-100/mt to SHFE 1508 copper in Shanghai early Tuesday. Traded prices were RMB 38,250-38,470/mt for standard-quality copper and RMB 38,270-38,530/mt for high-quality copper.
Imported copper kept increasing. Cargo holders rushed to sell, throwing spot copper into discounts. Some traders hunted cheaper copper for term contract. As a whole, trades were weaker than Monday. Spot discounts were RMB 10-60/mt in the afternoon.