SHANGHAI, May 19 (SMM) – Spot copper was still offered at premiums of RMB 40-130/mt to SHFE 1506 copper contract in Shanghai Tuesday morning. Standard-quality copper traded at RMB 45,850-45,980/mt, and high-quality copper sold for RMB 45,880-46,050/mt.
Cargo holders offered higher premiums early Tuesday, and some speculators sourced goods in the market, enlivening spot trades. Later, however, some traders increased supplies, causing spot premiums to narrow, especially for high-quality copper. Downstream buyers still purchased as needed.