Spot copper buyers hold back on last trading day in May

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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