SHANGHAI, Nov. 11 (SMM) – SHFE 1601 copper started at RMB 37,650/mt for night trading Monday and closed at RMB 37,600/mt. Positions fell 5,140.
SHFE copper opened slightly lower at RMB 37,580/mt for day trading Tuesday and ranged between RMB 37,350-37,480/mt in the morning. Later, the red metal once sank to RMB 37,090/mt as China’s PPI and CPI data cooled more than expectation and finally ended at RMB 37,570/mt. Positions slipped 4,146 while positions for SHFE copper contracts jumped over 20,000, signaling bearish outlook over copper market.
In Shanghai market, spot copper traded at premiums of RMB 0-50/mt on Tuesday. And mainstream prices were 37,480-37,550/mt for standard-quality copper and RMB 37,500-37,580/mt for high-quality copper.
SHFE copper extended losses due to poor reading of China’s released data. SHFE 1511 copper prices grew above SHFE 1512 copper prices. And some hedged goods were moved to market, slightly growing spot supply. Spot copper premiums were stepped up after traders purchased in a large amount on Monday. This curbed speculation. Downstream buyers hesitated to buy in anticipation of further price falls. Consequently, transactions were left sluggish as a whole.