SHANGHAI, Aug. 13 (SMM) – SHFE 1510 copper opened lower at RMB 39,220/mt for night trading Tuesday and finally closed at RMB 38,810/mt, down by RMB 70/mt, off 0.18%. Trading volumes were 359,000 lots and positions declined 3,372.
Copper for October delivery moved around RMB 38,900/mt on Wednesday with SHFE/LME copper price ratio above 7.65. In the afternoon business, SHFE copper touched a high of RMB 39,500/mt and ended at RMB 39,350/mt, up by RMB 470/mt or 1.21%. Trading volumes of the October copper dropped 31,956 lots and positions fell 10,204. Trading volumes of copper futures totaled 195,000 lots and positions slipped 19,002.
In Shanghai market, traded prices were RMB 39,040-39,160/mt for standard-quality copper and RMB 39,060-39,240/mt for high-quality copper on Wednesday. Spot copper discounts widened to RMB 180-80/mt against SHFE 1508 copper.
LME copper slumped to a record low of USD 5,063/mt while SHFE copper resisted declines, expanding SHFE/LME copper price ratio above 7.7. Imported copper sold well in market and spot supply stayed abundant in the morning with spot discounts increasing further. In the afternoon, some traders hunted cheaper spot copper and sold copper futures to book profits and for term contracts. At the same time, downstream producers still bought for immediate consumption.