SHANGHAI, May 28 (SMM) – Spot copper was mostly offered at a discount of 90-20 yuan/mt to the SHFE 1806 contract on Monday May 28 in the Shanghai market. This compared with a discount of 110-30 yuan/mt on Friday May 25.
The SHFE 1806 contract hovered at 51,300 yuan/mt with pressure during the morning trading session.
Transactions started to pick up in the morning as traders widened discounts to 50-40 yuan/mt for high-quality copper, from 40-20 yuan/mt, and to 80 yuan/mt for standard-quality copper, from 70 yuan/mt. Hydro-copper was offered at a discount of 170-150 yuan/mt amid quiet trading.
Most transactions were of cargoes with invoices in May, which were offered at a discount of 20 yuan/mt to SHFE 1806 on relatively tighter supply than cargoes with June invoice.
At noon, high-grade copper traded at 51,210-51,270 yuan/mt and standard-quality copper traded at 51,170-51,230 yuan/mt.
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