Spot copper trading cools as sellers raise offers

SHANGHAI, May 4 (SMM) – Spot copper was mostly offered at a discount of 30 yuan/mt to a premium of 10 yuan/mt over the SHFE 1805 contract on Friday May 4 in the Shanghai market. This compared with a discount of 60 yuan/mt to a premium of 10 yuan/mt on Thursday.

Sellers increased their offer prices as the SHFE 1805 contract gained over 200 yuan/mt from the previous day and rose to a high of 51,130 yuan/mt this afternoon, SMM learned. Offers for hydro-copper kept firm at a discount of 100 yuan/mt. 

Lower grade imported copper like PASAR from the Philippines saw thin transactions at a discount of 50-40 yuan/mt. Trading of higher-grade copper was relatively more active as traders stockpiled. 

At noon, higher-grade copper mostly traded at 50,890-50,930 yuan/mt and standard-quality copper traded at 50,870-50,900 yuan/mt.

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