SHANGHAI, Aug. 25 (SMM) – In the Shanghai physical market, copper was offered Monday at a RMB 330-430/mt premium over the SHFE 1409 copper contract. Traded prices were RMB 51,250-51,350/mt for standard-quality copper, and RMB 51,280-51,420/mt for high-quality copper.
With the lack of guidance from LME copper prices, SHFE copper hovered in a narrow range. Cargo holders intended to push up physical premiums in the morning trading, but later moved goods at lower premiums. Trading activity slowed as physical premiums were narrowing. Quotations for high-quality copper held firm, but those for standard-quality copper and hydro-copper fell sharply. Copper supply was relatively sufficient in relation to a week ago, with the market dominated by domestic copper brands. Middlemen turned reluctant to enter the market on a bearish outlook towards premiums, while downstream producers were mostly buying only to need on Monday.