SHANGHAI, Apr. 14 (SMM) – Spot copper was offered at premiums of RMB 20-70/mt to SHFE 1504 copper contract on Tuesday. Prices are RMB 43,480-43,540/mt for standard-quality copper and RMB 43,500-43,580/mt for high-quality copper.
Goods holders offered premiums at RMB 50-80/mt early today, but buyers rejected the high prices with SHFE 1504 copper contract prices underperforming SHFE 1505 copper contract. Suppliers thus cut premiums to RMB 20-50/mt. Some traders entered the market near midday after the price gap between 1504 and 1505 copper contracts narrowed. Supply of high-quality copper remained large. Prices of hydro-copper were close to those of standard-quality copper. Traders remained major participants in the market, and downstream buyers only bought on needs.
