SHANGHAI, Oct 31 (SMM) – Spot copper was mostly offered at a discount of 20 yuan/mt to a premium of 30 yuan/mt over the SHFE November contract in Shanghai on Wednesday October 31. This compared with a discount of 110-50 yuan/mt on October 30.
As a stronger US dollar lowered the SHFE 1811 contract to below 49,000 yuan/mt this morning, spot copper sellers raised offers to a premium of 30 yuan/mt. However, transactions were thin as downstream buyers hesitated on the last trading day of October.
Trades failed to increase significantly before noon, even when offers for high-grade copper were lowered to flat over SHFE 1811 contract, and that for standard quality copper to a discount of 20 yuan/mt.
Despite quiet transactions, sellers are likely to firm up premiums when November arrives tomorrow, as their inventories deplete in a closed import arbitrage window, SMM expects.
The SHFE 1811 contract struggled around the 49,100 yuan/mt level and fell to a low of 48,900 yuan/mt at one point in the morning. It settled at 49,080 yuan/mt at the end of the morning trading session, down 600 yuan/mt from that time on Tuesday.
At noon on October 31, high-grade copper traded at 49,100-49,160 yuan/mt and standard-quality copper traded at 49,080-49,120 yuan/mt.
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