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Home / Metal News / Copper transactions weaken on higher premiums

Copper transactions weaken on higher premiums

Apr 19, 2018 15:43

Source:SMM

Spot copper in the Shanghai market was offered at a premium of 270-350 yuan/mt over the SHFE 1805 contract on Thursday April 19. This compared with a premium of 260-330 yuan/mt in the previous day

SHANGHAI, Apr 19 (SMM) – Spot copper in the Shanghai market was offered at a premium of 270-350 yuan/mt over the SHFE 1805 contract on Thursday April 19. This compared with a premium of 260-330 yuan/mt in the previous day.

Sellers raised offers to a premium of 350 yuan/mt in the morning as SHFE copper gained nearly 1,000 yuan/mt overnight. However, premiums were lowered to 260-300 yuan/mt at noon as sellers were keen to destock amid sluggish transactions. Due to higher offers, premiums of higher-grade copper dipped faster than those of standard-quality copper. Transactions of hydro-copper were slower from the previous two days as demand was weak. Its premiums dropped from 250-260 yuan/mt to around 220 yuan/mt at noon.

At noon, higher-grade copper mostly traded at 51,800-51,920 yuan/mt and standard-quality copper traded at 51,780-51,900 yuan/mt.

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