SHANGHAI, Oct. 13 (SMM) – Physical copper in Shanghai was quoted Monday between a RMB 40/mt discount and a RMB 120/mt premium to the SHFE 1410 copper contract. Traded prices were RMB 48,500-48,600/mt for standard-quality copper and RMB 48,570-48,750/mt for high-quality copper.
As SHFE copper leveled off, the price gap between the 1410 and 1411 copper contracts remained at around RMB 300/mt. Cargo holders intended to push up premiums early on Monday, but buyers considered prices too high. Large quantities of imported copper flocked to the market after the SHFE/LME copper price ratio improved. In response, physical copper was largely quoted between a RMB 40/mt discount and a RMB 70/mt premium by the midday, with standard-quality copper sold quoted at a discount and hydro-copper at a RMB 80-90/mt discount. Middlemen and downstream producers were cautious in trading on Monday, and pressure from rising supply grew.