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Spot Premiums in Shanghai Copper Market at RMB 70-130/mt (May 20, 2015)
May 20,2015 17:42CST
price review forecast
Source:SMM
Spot copper was still offered at premiums of 70-130/mt to SHFE 1506 copper contract in Shanghai Wednesday morning.

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.
 

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