Spot copper back to premiums in Shanghai

SHANGHAI, Dec 28 (SMM) – Sellers of spot copper firmed up offers on Friday December 28, the last trading day for 2018, though trades remained relatively weak. Both standard- and high-quality copper were offered at premiums over the SHFE 1901 contract, from discounts on December 27 in Shanghai.  

Sellers raised offers to a premium of 20-30 yuan/mt for standard-quality copper, and to 70-80 yuan/mt for high-grade copper at noon, from premiums of 10-60 yuan/mt in the early morning. Discounts of hydro-copper also narrowed, to 150 yuan/mt at noon, from 200 yuan/mt on Thursday morning. 

Restocking across downstream buyers slowed this morning. Despite an influx of imports at the year-end, limited volume entered warehouses. This kept social stocks of copper at low levels. 

On the morning of December 28, the SHFE 1901 contract hovered around the daily moving average and settled at 48,180 yuan/mt at the end of the morning trading session, down 220 yuan/mt from that time on December 27.
 
At noon on December 28, high-grade copper traded at 48,200-48,270 yuan/mt and standard-quality copper traded at 48,170-48,230 yuan/mt.