SHANGHAI, May 20 (SMM) – Spot copper was still offered at premiums of RMB 70-130/mt to SHFE 1506 copper contract in Shanghai Wednesday morning. Standard-quality copper traded at RMB 45,060-45,140/mt, and high-quality copper sold for RMB 45,100-45,180/mt.
Hedged goods entered the market after SHFE copper slumped, fueling oversupply pressure and causing cargo holders to cut premiums. However, hydro-copper prices held firm against tight supply. Some traders sold futures and bought in spot markets. Downstream buyers were bearish toward copper prices and rarely entered the market.