SHANGHAI, May 8 (SMM) – Spot copper quoted between a RMB 30/mt discount and a premium of RMB 30/mt to SHFE 1505 copper contract in Shanghai early May 8. Standard-quality copper traded at RMB 45,920-46,050/mt, and high-quality copper sold for RMB 45,950-46,100/mt.
SHFE 1506 copper contract prices outperformed SHFE 1505 copper contract, causing some speculators to buy in spot market and sell futures. Discounts on standard-quality copper declined as a result, narrowing spread between high and standard-quality copper. Trading activities declined.