Spot Premiums Continue to Widen to RMB 240-280/mt in Shanghai (Jun. 19. 2015)

SHANGHAI, Jun. 19 (SMM) – Spot copper quoted at premiums of RMB 240-280/mt to SHFE 1507 copper contract Friday morning. Traded prices were RMB 42,200-42,300/mt for standard-quality copper and RMB 42,220-42,340/mt for high-quality copper.

Cargo holders moved goods actively on the last trading day before China’s Dragon Boat Festival. Although sellers pushed spot premiums to a high of RMB 300/mt early Friday, few deals were made. Thus, the premiums quickly narrowed to RMB 270-280/mt. Standard-quality and hydro-copper were still popular among buyers. Traders refrained from buying before holiday to avoid risk. However, some downstream producers stepped up purchases.