Flash: Copper spot premiums in Shanghai

Last week, the US Fed announced that it may begin to shrink the balance sheet at the next meeting in May. The pace will be accelerated to a monthly reduction of $95 billion.

Today, the spot prices of all series of stainless steel products in Foshan stood flat today. The average price of the 300 series product was around 18,000 yuan/mt. The market received a large number of goods last week, while the demand failed to keep up. The downstream users continued to purchase on rigid demand after the prices rebounded slightly yesterday.

The falling prices of coal and other energy sources have dragged down the metals prices across the board. The SS 2112 contract fell to 18,375 yuan/mt this morning and stabilised to stand at 19,005 yuan/mt at noon.

Copper prices will continue to fluctuate rangebound in the short term. SHFE copper prices are expected to move between 68,500-71,000/mt this week, and LME copper will trade between $9,250-9,650/mt.

Spot copper in the Shanghai market was offered at a premium of 230-270 yuan/mt on the morning of Friday April 20, down from a premium of 300-350 yuan/mt a day earlier

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Spot copper offers in Shanghai

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