SHANGHAI, Sept. 28 (SMM) – SHFE 1512 copper shifted to the most active contract on Thursday night, to start lower at RMB 38,550/mt and then move higher to RMB 39,050/mt. But later, the red metal fell back to RMB 38,700/mt before ending at RMB 38,790/mt, up by RMB 20/mt or 0.05%. Positions declined 230 and trading volumes were around 80,000 lots. Positions for SHFE 1511 copper receded 8,126 with trading volumes around 320,000 lots.
SHFE copper grew to touched an intra-day high of RMB 39,060/mt on Friday due to exit of shorts and finally ended at RMB 38,890/mt, up RMB 120/mt or 0.31%. Positions rose 1,072 to 186,476. Total positions of SHFE copper reduced 26,874 with 920,000 lots.
Spot copper traded between discounts of RMB 70/mt and premiums of RMB 10/mt in Shanghai on Friday. Standard-quality copper quoted RMB 38,970-39,130/mt and RMB 38,990-39,150/mt for high-quality copper.
Cargo holders rushed to sell before holiday and cut offers to push sales, leaving spot copper into discounts in the afternoon. Traders held a wait-and-see attitude and downstream buyers did not build stocks. Trades were muted.
