SHANGHAI, Nov. 2 (SMM) – SHFE 1601 copper hovered around RMB 38,750/mt after starting at RMB 38,790/mt on Thursday night. The contract moved lower to RMB 38,590/mt with closing prices down RMB 360/mt or 0.92% at RMB 38,600/mt. Positions were up 572.

SHFE 1601 copper touched an intra-day low of RMB 38,500/mt on Friday but later moved above moving average before ending at RMB 38,770/mt, down by RMB 190/mt or 0.49%. Positions were up 17,660 and trading volumes were around 200,000 lots.

On Friday, spot copper quoted at discounts of RMB 30-80/mt against SHFE 1511 copper in Shanghai, versus RMB 38,680-38,750/mt for standard-quality copper and RMB 38,720-38,780/mt for high-quality copper.

Some cargo holders rushed to sell at the end of the month and gradually lowered price offers. However, some sells were unwilling to decrease sale prices. Traders entered market and hunted cheaper goods. Downstream buyers watched from the sidelines.