SHANGHAI, Aug. 17 (SMM) – Spot copper discount fell to RMB 60-120/mt on Friday in Shanghai market. Price gap between SHFE copper futures narrowed a lot and as such cargo holders held their offers at high, driving spot discounts down.
Speculators hunted for cheap copper for delivery. Near noon, cheap copper was hard to source. Downstream buyers still purchased as need before weekend. Trades picked up considerably on Aug. 14.
Traded price were RMB 39,420-39,520/mt for standard-quality copper, versus RMB 39,450-39,580/mt for high-quality copper.
SHFE 1510 copper contract opened at RMB 39,470/mt Thursday night, and moved between RMB 39,330-39,580/mt before finishing at RMB 39,400/mt, down by RMB 220/mt. Positions decreased 3,462, and trading volumes were around 160,000 lots.
SHFE copper moved lower to test RMB 38,220/mt on Friday and finally ended down RMB 370/mt at RMB 39,250/mt, off 0.93%. Trading volumes declined 171,000 lots with positions totaling 6,460.