Traders contribute spot copper trading, expect improved sentiment

SHANGHAI, Jun 25 (SMM) – Spot copper was mostly offered at a discount of 190-140 yuan/mt to the SHFE 1807 contract in the Shanghai market on Friday June 29. This narrowed from a discount of 200-150 yuan/mt a day earlier.

The SHFE 1807 contract faced pressure at 51,600 yuan/mt after rising to a high of 51,590 yuan/mt in the afternoon.

On the last trading day of June, transactions were mostly contributed by traders, on expectations of improved sentiment and narrowed spot-futures price gap next week.

High-grade copper mostly traded at a discount of 160 yuan/mt, while standard-quality copper trade at a discount of 190 yuan/mt. Hydro-copper was mostly offered at a discount of 250 yuan/mt, 20 yuan/mt narrower from the previous day amid tighter supply.

At noon, high-grade copper traded at 51,080-51,300 yuan/mt and standard-quality copper traded at 51,060-51,280 yuan/mt.