SHANGHAI, Sept. 16 (SMM) – For night trading Monday, SHFE 1511 copper started lower at RMB 40,510/mt with LME copper falling below the 5 and 60-day moving averages overnight. November-delivery copper on the SHFE later advanced to RMB 40,690/mt before dipping to RMB 40,340/mt, to end the session down RMB 400/mt at RMB 40,470/mt. Positions decreased 5,266 to 199,938 and trading volumes were around 210,000 lots.
SHFE copper slid below RMB 40,550/mt on Tuesday due to weakness in Chinese stock market. Near the session’s end, the red metal touched an intra-day low of RMB 40,290/mt before closing at RMB 40,320/mt, down by RMB 550/mt. Positions declined 4,204 to 476,206 and trading volumes decreased 20,000 lots. Shorts grew slightly in market.
In Shanghai market, spot copper traded RMB 0-50/mt above SHFE 1509 copper on Tuesday. Traded prices were RMB 40,600-40,720/mt for standard-quality copper, versus RMB 40,640-40,760/mt for high-quality copper.
SHFE copper prices dropped today. Traders refused to sell copper at discounts on the last trading day for SHFE 1509 copper. High-quality copper was more favored in market, driving its premiums up gradually. Downstream buyers purchased as needed. Consequently, trading activity was active initially but later declined.