SHANGHAI, Apr. 10 (SMM) – The most active SHFE copper contract met resistance at RMB 43,350/mt after opening Thursday’s daytime trading and slipped to RMB 43,000/mt. The prices then gained support and hovered near RMB 43,200/mt before ending down RMB 270/mt at RMB 43,310/mt. Positions in the most active contract increased 7,112 and trading volumes declined 33,466 lots. The rallying Chinese shares caused a fall in trading volumes for copper futures.
Spot premiums in Shanghai copper market continued to expand Thursday to RMB 50-90/mt over SHFE 1504 copper contract. Prices are RMB 43,390-43,460/mt for standard-quality copper and RMB 43,410-43,490/mt for high-quality copper.
Speculators bought on dips with SHFE copper staying weak. Some cargo holders sold goods under warehouse warrants after spot premiums widened. Downstream buyers increased purchases after SHFE copper prices declined, enlivening spot trades.
