SHANGHAI, Oct. 30 (SMM) – SHFE 1601 copper shifted to the most active contract on Wednesday night and started at RMB 38,700/mt. The contract drifted lower to RMB 38,520/mt but later moved higher to RMB 39,230/mt, to close at RMB 39,130/mt, up by RMB 140/mt or 0.36%. Positions decreased near 20,000 for SHFE 1512 copper.
SHFE 1601 copper moved around RMB 38,960/mt on Thursday and closed the day down RMB 60/mt or 0.15% with the session-high at RMB 39,100/mt and the session-low at RMB 38,880/mt. Positions were up 13,180 to 208684 with shorts exiting market.
In Shanghai market, spot copper quoted at discounts of RMB 20-80/mt against SHFE 1511 copper on Thursday, versus RMB 38,980-39,080/mt for standard-quality copper and RMB 39,020-39,120/mt for high-quality copper.
Cargo holders attempted to hold prices firm but ample supply and cash shortage forced sellers to lower price offers. Mainstream spot discounts quoted at RMB 20-80/mt but standard-quality copper prices resisted declines. High-quality copper prices were depressed to discounts of RMB 40/mt due to unpopularity among buyers. Downstream buyers stayed out of market.
