SHANGHAI, Aug. 14 (SMM) – SHFE 1510 copper opened with a positive gap at RMB 39,500/mt on Wednesday night and then advanced to RMB 39,970/mt before closing at RMB 39,810/mt, jumping RMB 890/mt or 2.29%. Positions fell 10,188 and trading volumes totaled 250,000 lots.
SHFE copper drifted down immediately after the open of Thursday trading session and then found support at RMB 39,200/mt. Near the session’s end, the red metal grew and closed at RMB 39,580/mt, gaining RMB 660/mt or 1.7%. Trading volumes fell 199,000 lots and positions dropped 26,444.
On Thursday, spot copper discounts grew to RMB 120-200/mt in Shanghai, compared with RMB 39,320-39,160/mt for standard-quality copper and RMB 39,060-39,600/mt for high quality copper.
Cargo holders were active in selling at highs this morning. Hence, sufficient supply depressed spot discounts further. However, some traders, lured by profits, sourced copper for delivery, cutting spot discounts. But spot discounts were still left at a high level. Deals were mainly made between traders Aug. 13.