SHANGHAI, Apr. 1 (SMM) – Spot copper in Shanghai market quoted at discounts of RMB 0-90/mt to SHFE 1504 copper contract Wednesday morning, with standard-quality copper trading at RMB 43,340-43,460/mt and high-quality copper selling for RMB 43,360-43,480/mt.
Cargo holders offered high prices early today, and many dealers sourced goods in the market after SHFE copper rallied, allowing spot discounts to narrow quickly. High-quality copper was offered virtually on par with SHFE 1504 copper contract prices near midday. However, trading activities declined later. Downstream buyers mostly held on the sidelines. SMM expects spot copper to be offered at premiums tomorrow.