SHANGHAI, Oct. 26 (SMM) – SHFE 1512 copper followed LME copper to open higher at RMB 39,780/mt for night trading Thursday and advanced to RMB 39,780/mt. Then the red metal fell back to RMB 39,320/mt in response to crude oil prices, to close at RMB 39,410/mt, up RMB 350/mt or 0.90%. Positions declined 4,174 to 234,256 lots and trading volumes were around 270,000 lots.
SHFE copper touched a low of RMB 39,260/mt on Friday with SHFE aluminum falling to daily limit. Then the red metal advanced to RMB 39,780/mt due to short covering and position opening by longs, to close at RMB 39,700/mt, up RMB 640/mt, or 1.64%. Positions dropped 4,632 to 233,798 but trading volumes grew to 620,000 lots. Positions of SHFE 1601 copper increased 9,264.
In Shanghai, spot copper traded between discounts of RMB 50/mt and premiums of RMB 40/mt on Friday, versus RMB 39,420-39,540/mt for standard-quality copper and RMB 39,450-39,600/mt for high-quality copper.
Cargo holders held offers firm between discounts of RMB 40/mt and premiums of RMB 40/mt. In the afternoon, spot prices only printed a drop of RMB 10/mt. Transactions were softening.
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