SHANGHAI, Aug. 24 (SMM) – SHFE 1510 copper contract gapped higher at RMB 39,020/mt for night trading Thursday, and ended the session at RMB 39,050/mt, with the session high at RMB 39,220/mt and low end price at RMB 38,910/mt. Positions declined 936, and trading volumes were around 180,000 lots.
SHFE copper met resistance at RMB 39,100/mt during Friday trading session and retreated some earlier gains, to close at RMB 38,940/mt, up by RMB 380/mt or 0.99%. Trading volumes declined 15,000 lots and positions were down 7,918.
Spot copper traded between discounts of RMB 30/mt and premiums of RMB 30/mt in Shanghai on Friday. Trades prices were RMB 39,130-39,180/mt for standard-quality copper and RMB 39,150-39,230/mt for high-quality copper.
Cargo holders moved goods out to book profits. Spot premiums narrowed modestly while spot discounts on standard-quality copper appeared. Some traders sourced cheap copper. Meanwhile, downstream buyers purchased as needed. Spot supply stayed sufficient in market and price gap between different brands remained small.