SHANGHAI, Aug. 20 (SMM) – The sharp fall in Chinese stock market triggered bearishness again on Tuesday. SHFE 1510 copper opened lower at RMB 38,700/mt for night trading Tuesday and then touched a low of RMB 38,140/mt before closing at RMB 38,570/mt, falling RMB 400/mt or 1.03%. Trading volumes decreased 1,032 lots and positions were about 284,000.
SHFE copper followed Chinese stocks to fluctuate on the weak side Wednesday. The contract hovered above RMB 38,470/mt and later advanced to RMB 38,780/mt thanks to Chinese stock rally, to close at RMB 38,750/mt, losing RMB 220/mt or 0.56%. Positions declined 5,438 to 216,376 while trading volumes were up 151,000.
SHFE 1511 copper contract ended the day at RMB 38,580/mt, down by RMB 210/mt. Positions saw a rise of 8,612 to 168,248.
On Wednesday, spot copper settled RMB 0-40/mt higher than SHFE 1509 copper in Shanghai market. Standard-quality copper quoted RMB 38,640-38,740/mt, versus RMB 38,660-38,800/mt for high-quality copper.
Imported and high-quality copper accounted for a large amount in market and spot supply stayed sufficient. Spot copper at discounts were hard to source. Downstream buyers maintained purchase for immediate consumption. Consequently, deals were mainly made between trades on Wednesday.