SHANGHAI, May 15 (SMM) – Spot copper was still offered at premiums of 40-140/mt to SHFE 1505 copper contract in Shanghai Friday morning. Standard-quality copper traded at RMB 45,830-46,000/mt, and high-quality copper sold for RMB 45,880-46,050/mt.
Price gap between SHFE 1505 and 1506 copper contracts was around RMB 50/mt on the last trading day of the May-delivery copper. Some traders optimistic about copper premiums sourced cheaper goods in the market. Cargo holders refrained from selling, however, considering high SHFE 1506 copper contract prices, expanding spot premiums to RMB 140/mt near midday. Downstream buyers were cautious towards purchases as quotations differed largely.