SHANGHAI, Oct. 29 (SMM) – Physical copper in Shanghai was quoted Wednesday between a RMB 50/mt discount and a RMB 30/mt premium to the SHFE 1411 copper contract. Traded prices were RMB 48,150-48,200/mt for standard-quality copper and RMB 48,200-48,280/mt for high-quality copper.
As SHFE copper leveled off on Wednesday, the falling SHFE/LME copper price ratio prevented imported copper prices from falling further. Hydro-copper prices held firm due to tight supply. A small number of middlemen entered the market to buy low-priced high-quality copper, while downstream producers bought only to need.