SHANGHAI, May 7 (SMM) – Spot copper was mostly offered at a discount of 10 yuan/mt to a premium of 40 yuan/mt over the SHFE 1805 contract on Monday May 7 in the Shanghai market. This compared with a discount of 30 yuan/mt to a premium of 10 yuan/mt last Friday.
High-quality copper saw more trades as traders were keen to purchase due to the approaching delivery date for SHFE 1805 contract on May 15, and with a wide future-spot basis of around 220 yuan/mt. Standard-quality copper traded at a discount of 10 yuan/mt as traders forced down prices. This followed after sellers offered at flat to a premium of 40 yuan/mt in the morning.
Offers for hydro-copper were lowered to a discount of 80-90 yuan/mt from a discount of 60 yuan/mt.
At noon, higher-grade copper mostly traded at 50,850-50,930 yuan/mt and standard-quality copper traded at 50,830-50,900 yuan/mt.
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