SHANGHAI, Nov. 12 (SMM) – SHFE 1601 copper opened lower at RMB 37,500/mt during Tuesday night session with falling LME copper and lurched down to RMB 37,140/mt. But later the red metal returned to RMB 37,320/mt before ending at RMB 37,430/mt, falling RMB 30/mt or 0.08%. Positions were up 4,620 to 316,966 with trading volumes around 330,000 lots.
SHFE copper once challenged night session’s high of RMB 37,580/mt on Wednesday and then fell below moving average due to poor reading of China’s value-added at industrial enterprises. The contract sank to a fresh low at RMB 37,050/mt before closing at RMB 37,100/mt with a loss of 0.96%. Positions increased 14,724 to 327,070 and trading volumes totaled 610,000 lots. Positions for far copper contracts also grew over 10,000, mirroring great sell-off pressures.
On Wednesday, spot copper traded at premiums of RMB 20-70/mt over SHFE 1511 copper in Shanghai market. Mainstream prices were RMB 37,420-37,540/mt for standard-quality copper and RMB 37,440-37,580/mt for high-quality copper.
Cargo holders were more willing to hold prices firm on Wednesday and mainly quoted at premiums of RMB 20-70/mt in the morning. But ample supply contained overall trading activities and spot copper prices gradually fell back.