Spot copper discounts narrow amid seller's market in Shanghai-Shanghai Metals Market

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Spot copper discounts narrow amid seller's market in Shanghai

Price Review & Forecast 02:12:39PM Jul 18, 2018 Source:SMM

SHANGHAI, Jul 18 (SMM) – Spot copper was mostly offered at a discount of 90-40 yuan/mt over the SHFE 1808 contract in Shanghai on Wednesday July 18. Tight supplies narrowed offers from a discount of 140-80 yuan/mt on Tuesday July 17. 

Transaction volumes rose from Tuesday, buoyed by traders' enthusiasm. There were no inflows of imported cargo into the market. 

Discounts from sellers narrowed as a result, to a discount of 60-50 yuan/mt for standard-quality copper before noon, from a discount of 90 yuan/mt over the SHFE 1808 contract in the morning. Offers for high-grade copper also decreased from a discount of 60 yuan/mt to 40 yuan/mt during the day. 

Discounts are expected to narrow further on Thursday July 19 amid a seller's market, SMM believes. 

The SHFE 1808 contract hovered around 48,500 yuan/mt this morning and closed at 48,560 yuan/mt before noon, 180 yuan/mt lower from that time on Tuesday. It broke support at 48,300 yuan/mt and consolidated below that level in the afternoon, SMM learned. 

At noon, high-grade copper traded at 48,430-48,540 yuan/mt and standard-quality copper traded at 48,400-48,500 yuan/mt.

Price

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#1 Refined Cu
Apr.19
49430.0
-170.0
(-0.34%)
Yangshan Copper Premium(Bill of Lading)
Apr.19
51.5
0.0
(0.00%)
Yangshan Copper Premium(Warehouse Warrant)
Apr.19
50.5
0.0
(0.00%)
Imported Cu Concentrate TC(Cu≥26%,Week)
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67.0
-1.5
(-2.19%)
Imported Cu Concentrate TC(Cu≥26%,Month)
Mar.29
73.5
-6.0
(-7.55%)

Spot copper discounts narrow amid seller's market in Shanghai

Price Review & Forecast 02:12:39PM Jul 18, 2018 Source:SMM

SHANGHAI, Jul 18 (SMM) – Spot copper was mostly offered at a discount of 90-40 yuan/mt over the SHFE 1808 contract in Shanghai on Wednesday July 18. Tight supplies narrowed offers from a discount of 140-80 yuan/mt on Tuesday July 17. 

Transaction volumes rose from Tuesday, buoyed by traders' enthusiasm. There were no inflows of imported cargo into the market. 

Discounts from sellers narrowed as a result, to a discount of 60-50 yuan/mt for standard-quality copper before noon, from a discount of 90 yuan/mt over the SHFE 1808 contract in the morning. Offers for high-grade copper also decreased from a discount of 60 yuan/mt to 40 yuan/mt during the day. 

Discounts are expected to narrow further on Thursday July 19 amid a seller's market, SMM believes. 

The SHFE 1808 contract hovered around 48,500 yuan/mt this morning and closed at 48,560 yuan/mt before noon, 180 yuan/mt lower from that time on Tuesday. It broke support at 48,300 yuan/mt and consolidated below that level in the afternoon, SMM learned. 

At noon, high-grade copper traded at 48,430-48,540 yuan/mt and standard-quality copper traded at 48,400-48,500 yuan/mt.