Spot Copper in Shanghai Trades at RMB 40-150/mt Premiums (Jan. 16, 2015)

SHANGHAI, Jan. 16 (SMM) – Spot copper in Shanghai was quoted Friday at a RMB 40-150/mt premium to the SHFE 1502 copper contract. Standard- and high-quality copper sold for RMB 41,120-41,420/mt and RMB 41,150-41,500/mt, respectively.

Cargo holders continued to sell at a premium seen on Thursday, but downstream producers were buying only modestly. Spot premiums narrowed as SHFE copper rose almost RMB 300/mt on Friday. Some middlemen entered the market, while downstream producers became less active after building large quantities of input stocks on Thursday. Trading slowed on Friday, with transactions done most by middlemen.