SHANGHAI, Aug. 6 (SMM) – SHFE 1510 copper contract started at RMB 38,330/mt for Tuesday’s night session, and finished RMB 310/mt higher at RMB 38,280/mt, with high-end price at RMB 38,430/mt and low-end at RMB 38,160/mt.
SHFE copper slipped to RMB 38,000/mt in response to falling LME copper early Wednesday and touched a low of RMB 37,860/mt. In the afternoon, the most active contract rallied and finally closed at RMB 38,120/mt, up RMB 150/mt or 0.4%. Trading volumes slipped 136,000 while positions were up 9,066.
In Shanghai market, spot copper discounts were to RMB 10-80/mt to SHFE 1508 copper Wednesday morning and narrowed slightly in the afternoon to RMB 0-60/mt. Standard-quality copper quoted RMB 38,400-38,480/mt and RMB 38,440-38,520/mt for high-quality copper.
Cargo holders were active to sell. Guixi copper was favored by buyers, with its price on par with SHFE 1508 copper. Price gap between hydro-copper and standard-quality copper widened as sellers offered lower prices for the former. Traders’ buying activities grew whereas downstream producers still watched from the sidelines.