Shanghai Spot Copper Trades at Premiums of RMB 50-120/mt (Nov. 16, 2015)

SHANGHAI, Nov. 16 (SMM) – In Shanghai, spot copper quoted at premiums of RMB 50-120/mt over SHFE 1511 copper on Monday. Mainstream prices were RMB 36,270-36,400/mt for standard-quality copper and RMB 36,300-36,470/mt for high-quality copper.

SHFE copper moved at lows and cargo holders started give price offers for SHFE 1512 copper. And spot copper quoted between discounts of RMB 50/mt and premiums of RMB 20/mt in the morning. Widening price gap between SHFE 1511 and 1512 copper triggered wait-and-see sentiment among traders and downstream buyers. Spot copper prices gradually fell to discounts of RMB 0-60/mt with ample supply and soft buying. Today is the last trading day for SHFE 1511 copper. And spot discounts are expected after the delivery of SHFE 1511 copper.