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

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.