Cargo Holders Cut Spot Copper Premiums to Boost Sales in Shanghai (Jan. 27, 2015)

Published: Jan 27, 2015 13:14

Save

Spot copper traded between a RMB 60/mt discount and a RMB 20/mt premium to the SHFE 1502 copper contract in Shanghai on Tuesday.

SHANGHAI, Jan. 27 (SMM) – Spot copper traded between a RMB 60/mt discount and a RMB 20/mt premium to the SHFE 1502 copper contract in Shanghai on Tuesday. Standard- and high-quality copper sold for RMB 40,570-40,680/mt and RMB 40,600-40,750/mt, respectively.

As SHFE copper lacked impetus to rise, cargo holders rushed to cut premiums to boost sales early on Tuesday. Hydro-copper prices were firm due to tight supply, on par with standard-quality copper prices. Some middlemen went bargain-hunting by the midday, while downstream producers bought only as needed on Tuesday.

spot copper prices

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

5 hours ago

Bank of Canada Holds Rates but Signals Possible Hikes if Inflation Persists

The Bank of Canada chose to hold steady earlier this month, but Governor Macklem immediately warned that if inflation remains persistently high, the central bank does not rule out multiple consecutive rate hikes. The Riksbank currently belongs to the dovish camp and is expected to keep its key policy rate unchanged at 1.75% at its meeting later this month, though the market currently also expects its rate to rise later this year.

5 hours ago

US Treasury Yields Surge to 16-Year Highs Ahead of Fed Rate Decision

As the US Fed is about to announce its interest rate decision, the sell-off in US Treasuries has intensified, with the benchmark 10-year Treasury yield climbing to its highest level since 2007. The 30-year Treasury yield, which is more sensitive to geopolitical risks, also continued to rise, reaching as high as 5.40% during the session, a new high since June 2007; the 2-year Treasury yield rose about 4 basis points to 4.68%.

5 hours ago

Trump Administration Poised to Approve Deep-Sea Mining Permits for Critical Minerals

The Trump administration has signaled it is about to approve deep-sea mining permits, part of a broader effort to expand US access to critical minerals that are widely used across many sectors of the US economy.Interior Secretary Doug Burgum said at the G20 energy ministers' meeting in Houston that permits could be issued within months, as the administration pursues an "energy growth" strategy to expand supply chains for the US and its allies.

5 hours ago