Spot Copper Trades at RMB 0-90/mt Premiums in Shanghai (Jan. 22, 2015)

SHANGHAI, Jan. 22 (SMM) – Spot copper was quoted at a RMB 0-90/mt premium to the SHFE 1502 copper contract in Shanghai on Thursday. Standard- and high-quality copper sold for RMB 41,820-42,000/mt and RMB 41,880-42,050/mt, respectively.

Supply grew sharply as large quantities of copper warehouse warrants and imported copper hit the market. Cargo holders scrambled to cut spot premiums to boost sales. Quotations for high-quality copper were relatively low due to ample supply, whereas those for standard-quality copper were firm with steady demand under term contracts. Middlemen traded modestly, while downstream producers bought only as needed on Thursday, resulting in severe oversupply.