Trading Sees No Significant Improvement on Firm SHFE 1710 Copper, SMM Reports

Published: Aug 24, 2017 14:49

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Buyers purchased goods today mainly for term contracts delivery, and downstream producers still bough goods as needed.

SHANGHAI, Aug. 24 (SMM) – SHFE 1710 copper hovered at highs on Thursday.

Copper cathode was offered at discounts of 130-70 yuan per tonne against SHFE 1709 copper in Shanghai. Standard-quality copper traded at 51,400-51,600 yuan per tonne, and high-quality copper traded at 51,420-51,650 yuan per tonne.

Trading Turns Muted in Spot Market after SHFE Copper Hits Over 3-Year High, SMM Says

Copper market still reported supply tightness today, and cargo holders held firm offers, with those for high-quality copper at discounts of 100 yuan per tonne, and discounts of 130 yuan per tonne for standard-quality copper. Buyers were active in purchasing goods, pushing up copper prices sharply. Discounts of high-quality copper narrowed to 80 yuan per tonne and those of standard-quality one reduced to 110 yuan per tonne.

Where Will Copper Rod Industry Go In Face of Rapid Capacity Expansion? SMM Reports

Buyers purchased goods today mainly for term contracts delivery, and downstream producers still bough goods as needed.

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