Spot copper buyers hold back on last trading day in May

Published: May 31, 2018 15:46

Save

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.

For editorial queries, please contact Daisy Tseng at daisy@smm.cn
For more information on how to access our research reports, please email service.en@smm.cn

Market commentary Futures movement Spot copper

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

17 hours ago

"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"

Premier Li Qiang presided over an executive meeting of the State Council to study policy measures for promoting effective investment. The meeting noted that promoting effective investment plays an important role in stabilizing economic growth and strengthening momentum for development. It is necessary to innovate and improve policy measures, and intensify efforts to enhance the efficiency of utilizing funds such as central budget investments, ultra-long-term special treasury bonds, local government special bonds, and new-type policy-based financial instruments. In conjunction with formulating and implementing the 15th Five-Year Plan

17 hours ago

"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the plenary sessions of the Party’s 20th Central Committee, fully and faithfully apply the new development philosophy, strengthen top-level design, build computing power interconnection nodes oriented toward national hub periods, major strategic regions, and key industries, establish a system of computing power interconnection nodes, improve the efficiency and service level of public computing power resources, and promote high-quality development of computing power.

17 hours ago

Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions

After intensive indirect consultations, the new round of nuclear talks between Iran and the US in Muscat, the capital of Oman, has achieved phased progress. It is reported that during this round of talks, the Iranian and US delegations did not meet directly. Instead, Omani Foreign Minister Badr acted as an intermediary, conveying a series of core proposals, strategic concerns, and policy positions to the other side. The atmosphere at the talks was tense yet efficient. According to preliminary on-site assessments, although both sides continue to negotiate over specific terms, they have reached a consensus on the key objective of "continuing dialogue."

17 hours ago