SHANGHAI, Nov. 13 (SMM) – On Friday, spot copper traded RMB 10-110/mt above SHFE 1511 copper in Shanghai. Traded prices were RMB 36,450-36,600/mt for high-quality copper and RMB 36,470-36,650/mt for high-quality copper.
SHFE copper tumbled and hedged goods flowed into market. Price gap between SHFE 1511 and 1512 copper widened to RMB 100/mt, leading to price offers between discounts of RMB 20/mt and premiums of RMB 30/mt. But spot copper premiums fell back with price gap between SHFE 1511 and 1512 copper narrowing. Brands were various and spot supply was sufficient. Traders were unwilling to buy goods due to the large price gap. Downstream buyers watched from the sidelines. Bearishness grew in market and transactions were weak.