SHANGHAI, Apr. 23 (SMM) – Spot copper was offered at premiums of RMB 240-300/mt to SHFE 1505 copper contract early on Thursday. Prices are RMB 43,220-43,560/mt for standard-quality copper and RMB 43,250-43,600/mt for high-quality copper.
China’s weak economic releases dragged down SHFE copper, and some cargo holders pushed spot premiums to RMB 300/mt early Thursday. Standard-quality and hydro-copper were rarely found in the market. Later, some speculators started moving goods with SHFE copper rising back, restricting the increase in premiums. Downstream buyers made inquiries actively, but trading weakened later.