SHANGHAI, May 21 (SMM) – Spot copper was still offered at premiums of RMB 60-120/mt to SHFE 1506 copper contract in Shanghai Thursday morning. Standard-quality copper traded at RMB 45,160-45,240/mt, and high-quality copper sold for RMB 45,190-45,280/mt.
Oversupply pressure in copper market grew with a large number of deliverable goods entering the market and cargo holders selling actively for cash. Spot premiums narrowed as a result. Downstream buyers only watched from the sidelines and stagnant distant-month contract prices on SHFE left few opportunities for intermediaries. Thus, trading activities declined.