Trading Picks up in Shanghai Spot Copper Market on Falling Prices (Oct. 20, 2015)

SHANGHAI, Oct. 20 (SMM) – On Tuesday, spot copper traded between discounts of RMB 50/mt and premiums of RMB 10/mt over SHFE 1511 copper in Shanghai, versus RMB 39,060-39,260/mt for standard-quality copper and RMB 39,080-39,300/mt for high-quality copper.

SHFE copper prices fell back gradually and cargo holders quoted at discounts of RMB 10-50/mt in the morning. This attracted traders to buy in spot market and sell in SHFE market. In the afternoon, spot prices followed SHFE copper down to a pre-holiday low. Thus, purchase interest of downstream buyers improved markedly, narrowing spot discounts slightly. High-quality copper returned to premiums of RMB 10/mt. Transactions improved noticeably in market but spot premiums were hard to be raised further with healthy supply.