SHANGHAI, Apr. 15 (SMM) – Spot copper was offered at premiums of RMB 30-90/mt to SHFE 1504 copper contract on Tuesday. Prices are RMB 43,080-43,150/mt for standard-quality copper and RMB 43,100-43,180/mt for high-quality copper.
Cargo holders offered RMB 30-60/mt of premiums early today, and some dealers went bargain-hunting. Later, as the SHFE 1504 copper contract prices outstripped SHFE 1505 copper contract, spot premiums were raised to RMB 50-90/mt. Speculators were upbeat about copper prices after the delivery date and entered the market to source goods. Quotations for standard-quality copper held up on limited supply. Downstream buyers also started buying for fear of a widening in spot premiums after expiration of the April delivery copper.