SHANGHAI, Jun. 5 (SMM) – Spot copper was still offered at premiums of RMB 40-90/mt to SHFE 1506 copper contract in Shanghai Friday morning. Traded prices were RMB 43,070-43,130/mt for standard-quality copper and RMB 43,090-43,170/mt for high-quality copper.
Spot copper supply remained ample, causing spot premiums to narrow. But prices of standard-quality copper were resistant to declines due to tight supply. Some speculators bought spot and sold futures. Bearish mood loomed among downstream buyers after SHFE copper prices fell to RMB 43,000/mt, so most deals were done between traders.