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Ample supply, thin trades lower spot copper offers
Spot copper was mostly offered at a discount of 90 yuan/mt to flat over the SHFE 1806 contract on Tuesday May 22 in the Shanghai market
SHANGHAI, May 22 (SMM) – Spot copper was mostly offered at a discount of 90 yuan/mt to flat over the SHFE 1806 contract on Tuesday May 22 in the Shanghai market. This compared with a discount of 50 yuan/mt to a premium of 20 yuan/mt on Monday.
Sellers lowered offers from Monday as thin transactions grew supplies.
Offers of standard-quality copper were lowered first in the morning to a discount of 90 yuan/mt from 60 yuan/mt. This followed by discounts in high-quality copper, dipping to 30-20 yuan/mt from flat at opening. Discounts in hydro-copper dipped to 140 yuan/mt before noon.
At noon, higher-grade copper traded at 51,220-51,320 yuan/mt and standard-quality copper traded at 51,180-51,260 yuan/mt.
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