Spot Discounts Seen in Shanghai Copper Market (May 6, 2015)

SHANGHAI, May 6 (SMM) – Spot copper quoted between a RMB 40/mt discount and a premiums of RMB 50/mt to SHFE 1505 copper contract in Shanghai early May 6. Standard-quality copper traded at RMB 45,950-46,150/mt, and high-quality copper sold for RMB 46,000-46,200/mt.

SHFE copper did not rise sharply in the morning and the price gap between SHFE 1505 and 1506 copper contracts narrowed. Cargo holders rushed to sell, driving down spot copper prices. Only some suppliers of Guixi brand copper held prices firm. A few speculators restocked after prices pulled back, while downstream buyers still refused to build additional stocks.