Trading Sees No Significant Improvement on Firm SHFE 1710 Copper, SMM Reports

SHANGHAI, Aug. 24 (SMM) – SHFE 1710 copper hovered at highs on Thursday.

Copper cathode was offered at discounts of 130-70 yuan per tonne against SHFE 1709 copper in Shanghai. Standard-quality copper traded at 51,400-51,600 yuan per tonne, and high-quality copper traded at 51,420-51,650 yuan per tonne.

Trading Turns Muted in Spot Market after SHFE Copper Hits Over 3-Year High, SMM Says 

Copper market still reported supply tightness today, and cargo holders held firm offers, with those for high-quality copper at discounts of 100 yuan per tonne, and discounts of 130 yuan per tonne for standard-quality copper. Buyers were active in purchasing goods, pushing up copper prices sharply. Discounts of high-quality copper narrowed to 80 yuan per tonne and those of standard-quality one reduced to 110 yuan per tonne.

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Buyers purchased goods today mainly for term contracts delivery, and downstream producers still bough goods as needed.

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