SHANGHAI, Jun. 1 (SMM) – Spot copper was quoted at premiums of RMB 30-90/mt to SHFE 1506 copper contract in Shanghai Monday morning. Traded prices were RMB 43,890-43,930/mt for standard-quality copper and RMB 43,910-43,990/mt for high-quality copper.
Although cargo holders offered high prices, ample supply and poor trades caused spot premiums to narrow. Prices of hydro-copper and standard-quality copper refused to decline due to tight supply. Downstream buyers only watched from the sidelines and traders bought on dips.