SHANGHAI, Oct. 28 (SMM) – Physical copper in Shanghai was quoted Tuesday at a RMB 20-100/mt discount to the SHFE 1411 copper contract. Traded prices were RMB 48,100-48,160/mt for standard-quality copper and RMB 48,140-48,200/mt for high-quality copper.
As SHFE copper rose sharply on Tuesday, cargo holders stepped up selling to increase cash flows. High-quality copper was sold at a broader discount, and standard-quality and hydro-copper followed suit. Trading activity, however, remained light since market participants considered the price rebound short-lived. Middlemen stayed largely out of the market due to liquidity shortfalls, while downstream producers were reluctant to buy in late October.