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Spot copper buyers hold back on last trading day in May
Spot copper was mostly offered at a discount of 40 yuan/mt to a premium of 20 yuan/mt over the SHFE 1806 contract on Thursday May 31 in the Shanghai market on Thursday May 31
SHANGHAI, May 31 (SMM) – Spot copper was mostly offered at a discount of 40 yuan/mt to a premium of 20 yuan/mt over the SHFE 1806 contract in the Shanghai market on Thursday May 31. This compared with a discount of 70 yuan/mt to flat on Wednesday May 30.
The SHFE 1806 contract hovered at 51,000 yuan/mt, and closed at 51,120 yuan/mt in the morning trading session, up 220 yuan/mt from the end of the previous morning.
Overall transaction was thin as sellers were unwilling to release cargoes at a lower price while buyers hesitated on the last trading day in May.
Downstream buyers favoured cheap hydro-copper, which was offered at a discount of 100-80 yuan/mt, SMM learned. Offers for standard quality copper were mostly at a discount of 40-30 yuan/mt while offers for high-quality copper stayed firm at a premium of 10-20 yuan/mt.
At noon, high-grade copper traded at 51,070-51,150 yuan/mt and standard-quality copper traded at 51,030-51,110 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 exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.
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