Spot copper discounts narrow as futures prices climb

SHANGHAI, May 17 (SMM) – Spot copper was mostly offered at a discount of 90-20 yuan/mt over the SHFE 1806 contract on Thursday May 17 in the Shanghai market. Discounts narrowed from 120-60 yuan/mt the previous day.

Sellers raised offers from Wednesday as the SHFE 1806 contract soared to a high of 51,070 yuan/mt this morning.

Buyers favoured high-quality copper and this narrowed discounts some 10 yuan/mt to 20 yuan/mt in the second trading session. Trading of standard-quality copper picked up as offers dipped 10 yuan/mt to a discount of 90 yuan/mt near noon. Offers for hydro-copper remained at a discount of 160-120 yuan/mt, given ample supplies and limited trading.

At noon, higher-grade copper mostly traded at 50,930-50,990 yuan/mt and standard-quality copper traded at 50,900-50,940 yuan/mt.

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