SHANGHAI, Aug. 10 (SMM) – SHFE 1510 copper contract opened at RMB 37,880/mt Thursday night, and once climbed to RMB 38,100/mt. The price then fell to RMB 37,790/mt due to slumping crude oil prices and selling pressure, and finished at RMB 37,880/mt, down by RMB 140/mt. Positions grew 2,368, and trading volumes were about 129,000 lots.
SHFE copper touched an intra-day high of RMB 37,840/mt and low of RMB 37,310/mt, to close at RMB 37,970/mt, down RMB 50/mt or 0.13%. Trading volumes of SHFE 1510 copper were up 182,000 lots while position fell 420. Trading volumes of copper futures grew 325,000 lots with positions up 644.
In Shanghai market, spot copper quoted between a discount of RMB 60/mt and a premium of RMB 10/mt last Friday. Traded prices were RMB 38,240-38,320/mt for standard-quality copper and RMB 38,260-38,380/mt for high-quality copper.
SHFE copper rebounded from low. Market was mainly filled with high-quality copper. Cargo holders rushed to sell late last week, sending high-quality copper into discounts. However, standard-quality copper and hydro-copper prices held firm due to a shortage. Spot supply was sufficient as a whole. Traders’ buying interest decreased while downstream buyers purchased on need, leaving trades muted.