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Shanghai copper spot discounts widen
Spot copper in the Shanghai market was trading at discounts of 240-170 yuan/mt on Tuesday January 30, down from discounts of 140-100 yuan/mt seen earlier last week, SMM learned.
SHANGHAI, Jan 30 (SMM) – Spot copper in the Shanghai market was trading at discounts of 240-170 yuan/mt on Tuesday January 30, down from discounts of 140-100 yuan/mt seen earlier last week, SMM learned.
We believe this is mainly due to sluggish downstream consumption, and such spot discounts are likely to go deeper in the near term ahead of Chinese New Year.
However, buying interest may pick up if the SHFE 1803 copper contract dropped to 53,000 yuan/mt level.
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Spot copper in the Shanghai market was trading at discounts of 220-180 yuan/mt on the morning of Tuesday January 30, SMM learned.
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