SHANGHAI, Jun 1 (SMM) – Spot copper was mostly offered at a discount of 10 yuan/mt to a premium of 40 yuan/mt over the SHFE 1806 contract in the Shanghai market on Friday June 1. This compared with a discount of 40 yuan/mt to a premium of 20 yuan/mt on Thursday May 31.
The SHFE 1806 contract hovered around 51,230 yuan/mt and closed at 51,240 yuan/mt in the morning trading session, up 120 yuan/mt from the end of the previous morning.
Transactions in the second trading session this morning was slower than in the first session, as sellers narrowed discounts and raised premiums, SMM learned.
Downstream buyers favoured low-priced imported copper such as imports from Bulgaria and India, which were offered at a discount of 40-30 yuan/mt, SMM learned. Offers for standard quality copper were mostly at a discount of 10 yuan/mt while offers for high-quality copper stayed firm at a premium of 20-30 yuan/mt.
At noon, high-grade copper traded at 51,260-51,320 yuan/mt and standard-quality copper traded at 51,230-51,270 yuan/mt.
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