SHANGHAI, Aug 1 (SMM) – Spot copper was mostly offered flat to a premium of 50 yuan/mt over the SHFE 1808 contract in Shanghai on Wednesday August 1. This compared with a discount of 30 yuan/mt to a premium of 20 yuan/mt on Tuesday July 31.
With sufficient cash flow at the start of the month, sellers held back. Brisk trading also drove up offers from flat to a premium of 40 yuan/mt this morning. However, transactions cooled before noon as most buyers hesitated on high premiums.
Hydro-copper was mostly traded at a discount of 40 yuan/mt, and such prices attracted much purchasing interest.
The SHFE 1808 contract hovered between 49,800-49,900 yuan/mt during the morning. It closed at 49,810 yuan/mt at the end of the morning trading session, up 120 yuan/mt from that time on July 31.
At noon, high-grade copper traded at 49,850-49,950 yuan/mt and standard-quality copper traded at 49,830-49,910 yuan/mt.