SHANGHAI, Oct. 24 (SMM) – Physical copper in Shanghai was quoted between a RMB 30/mt discount and a RMB 90/mt premium to the SHFE 1411 copper contract. Traded prices were RMB 47,900-48,050/mt for standard-quality copper and RMB 47,950-48,150/mt for high-quality copper.
As SHFE copper was subdued during the morning trading session, cargo holders ramped up sales of high-quality copper at lower premiums. Meanwhile, the prices of low-quality hydro-copper and standard-quality copper held firm due to tight supply, close to those of high-quality copper. A small number of speculative traders entered the market to buy low-priced goods subsequently after premiums for high-quality copper fell to only RMB 10-20/mt. Most middlemen were cautious in trading, while downstream producers were mostly buying only to need on Friday.