SHANGHAI, Nov. 18 (SMM) –SHFE 1601 copper started at RMB 36,090/mt during night session Monday and moved lower to RMB 35,290/mt, to end at RMB 35,370/mt, down RMB 880/mt or 2.43%.
SHFE copper refreshed a new low to RMB 34,470/mt on Monday and closed the day at RMB 34,970/mt, down by RMB 1,280/mt or 3.53%. Positions fell 8,100 to 328,768but trading volumes jumped 625,000 lots. Positions for SHFE 1602 and 1603 copper grew over 25,000 and far-month contracts still suffered sell-offs.
Spot copper traded between discounts of RMB 60/mt and premiums of RMB 20/mt in Shanghai on Tuesday. Traded prices were RMB 34,630-36,300/mt for standard-quality copper and RMB 34,670-35,370/mt for high-quality copper.
SHFE copper fell back all the way today. Markets supply remained ample with hedged goods shipped to market, shifting spot premiums to discounts of RMB 0-50/mt. In the afternoon business, SHFE copper slipped below RMB 35,000/mt and buyers started source cheap goods in market. But sells were unwilling to sell at lows. Overall trading activities improved. Spot copper will be hard to stay at premiums in the near term with headed goods moved to market.