SHANGHAI, June 20 (SMM) – In the Shanghai physical market, copper was offered Friday at a RMB 550-730/mt premium over the SHFE front-month copper contract. Traded prices were RMB 49,520-49,700/mt for standard-quality copper and RMB 49,620-49,820/mt for high-quality copper.
As SHFE copper prices extended gains, market supply remained limited, with hydro-copper barely found in the market. In response, cargo holders moved goods at higher premiums, and turned unwilling to trade to hold prices firm. Prices for standard-quality copper stood firm due to tight supply, and drew closer to those for high-quality copper. Middlemen entered the market to buy low-price goods, further cutting into supply, and downstream producers stepped up purchases ahead of the weekend, with trading activity improving significantly.