SHANGHAI, Sept. 11(SMM) – In Shanghai market, spot copper discounts narrowed to RMB 0-50/mt against SHFE front-month contract on Friday. Traded prices were RMB 41,120-41,180/mt for standard-quality copper and RMB 41,140-41,200/mt for high-quality copper.
SHFE copper headed for stability Friday. Huge amounts of traders sourced goods for term contracts in the morning and then downstream buyers also entered market. Standard-quality copper was most favored by buyers and hence large purchase tightened supply and narrowed spot discounts of standard-quality copper. This also left no price gap between standard and high-quality copper. But spot discounts on hydro-copper only narrowed slightly. Trading activity was thus very active today.
