Shanghai See Trades Pick up for Spot Copper before Holiday (Sept. 1, 2015)
SHANGHAI, Sept. 1 (SMM) – On Tuesday, cargo holders were unwilling to sell in Shanghai heading into Sept. while downstream buyers started building stocks before Chinese Sept. 3-5 holiday of Beijing’s parade to celebrate the World War II victory. Therefore, market supply decreased significantly. As such, spot copper discounts gradually narrowed. Hydro-copper supply remained tight and high-quality copper was offered at premiums by noon. Market saw an improvement in trades.
Spot copper traded at discounts of RMB 0-60/mt against the front month contract on Sept. 1, versus RMB 39,330-39,450/mt for standard-quality copper and RMB 39,350 -39,480/mt for high-quality copper.
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