Spot copper offers rise further as US-Sino trade tension ease

Published: May 21, 2018 14:42

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Spot copper was mostly offered at a discount of 50 yuan/mt to a premium of 20 yuan/mt over the SHFE 1806 contract on Monday May 21 in Shanghai

SHANGHAI, May 21 (SMM) – Spot copper was mostly offered at a discount of 50 yuan/mt to a premium of 20 yuan/mt over the SHFE 1806 contract on Monday May 21 in the Shanghai market. This compared with a discount of 80-20 yuan/mt on Friday May 18.

Sellers raised offers from last Friday amid an optimistic outlook as US-Sino trade tension eased. The SHFE 1806 contract stood firm above 51,000 yuan/mt and soared to a high of 51,330 yuan/mt this morning.

However, downstream mostly purchased on demand and took a cautious stance on the first trading day of the week, SMM learned.

Favoured by traders, high-quality copper mostly traded at a premium of 10 yuan/mt in the morning without an offer at a discount. Standard-quality copper saw fewer transactions than high-quality copper, with discounts declining to 50 yuan/mt from 30 yuan/mt during the morning trading session.

At noon, higher-grade copper traded at 51,180-51,300 yuan/mt and standard-quality copper traded at 51,140-51,240 yuan/mt.

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Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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