Shanghai Spot Copper Returns to Premiums ahead of Delivery for SHFE 1510 Copper (Oct. 15, 2015)

SHANGHAI, Oct. 15 (SMM) – On Thursday, spot copper was offered at premiums of RMB 20-70/mt over SHFE 1510 copper in Shanghai market, versus RMB 40,080-40,220/mt for standard-quality copper and RMB 40,100-40,250/mt for high-quality copper.

Price offers were mixed along with changes in SHFE 1510 and 1511 copper contract spread. Most cargo holders started to price spot copper according to SHFE 1511 copper contract. Trading activities were active responding to a drop in SHFE copper. Traders rushed to sell before the delivery of SHFE 1510 copper with high-quality copper holding firm at premiums of RMB 70/mt. In the afternoon, transactions were contained by SHFE copper price rally. Standard-quality copper prices were the first to be lowered to push trading, leading to slight discounts against SHFE 1511 copper. Trading was still contributed mainly by traders whilst downstream producers watched from the sidelines.