SHANGHAI, Aug. 7 (SMM) – SHFE 1510 copper contract started at RMB 38,170/mt for Wednesday night, and fell to RMB 37,830/mt before ending at RMB 37,930/mt, down by RMB 200/mt.
Along with Chinese stock rallies, market sentiment improved slightly on Thursday. SHFE copper rebounded from low to regain early losses and rose to RMB 38,200/mt. In the afternoon, the red metal fell back and closed at RMB 38,050/mt, down by RMB 80/mt or 0.21%. Trading volumes slipped 7,716 lots while positions upped 1,558.
Spot copper was offered at discounts of RMB 20-50/mt to SHFE 1508 copper contract in Shanghai market, with traded prices at RMB 38,500-38,580/mt for standard-quality copper and RMB 38,540-38,640/mt for high-quality copper.
Some speculators sourced high-quality copper early morning allowing spot copper to turn to premiums from discounts. But spot premiums started to slip as trades were curbed by the SHFE copper price rally early Thursday. Hydro-copper prices stayed low while supply of imported copper decreased modestly as cargo holders sold at lows. Trading activities declined further in the afternoon.