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Oversupply lowers spot copper offers in Shanghai
As supplies accumulated in Shanghai, spot copper offers widened to a discount of 110-30 yuan/mt over the SHFE 1806 contract on Wednesday May 23
SHANGHAI, May 23 (SMM) – As supplies accumulated in Shanghai, spot copper offers widened to a discount of 110-30 yuan/mt over the SHFE 1806 contract on Wednesday May 23. This compared with a discount of 90 yuan/mt to flat on Tuesday.
As supplies of standard-quality copper grew, especially of imported brands, offers fell to a discount of 110 yuan/mt from 90 yuan/mt the previous day. Transactions of high-quality copper began to pick up as its discounts shrank to 50 yuan/mt in the morning.
Discounts of hydro-copper widened 40 yuan/mt to 170 yuan/mt this morning. Prices were weighed down by low-priced, imported copper such as Pasar from the Philippines and Gresik from Indonesia, which were offered at discounts of 140 yuan/mt.
At noon, higher-grade copper traded at 51,540-51,630 yuan/mt and standard-quality copper traded at 51,510-51,570 yuan/mt.
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