Spot copper premiums dip from highs as import window opens

Published: Aug 7, 2018 15:56

Save

Spot copper was mostly offered at a premium of 50-110 yuan/mt over the SHFE 1808 contract in Shanghai on Aug 7

SHANGHAI, Aug 7 (SMM) – Spot copper was mostly offered at a premium of 50-110 yuan/mt over the SHFE 1808 contract in Shanghai on Tuesday August 7. This compared with a premium of 50-90 yuan/m on Monday.

Overall premiums inched up from the previous day but failed to remain at highs in the morning as the import window opened. Inflows of Baiyin Honglu brand and Jintian brand warrants during the second trading session for the morning, at a premium of 50 yuan/mt, also lowered offers by sellers.

Offers of high-quality copper dipped from a premium of 110 yuan/mt to 80 yuan/mt during the morning, but drew little interest. When premiums of standard-quality products fell to 60-70 yuan/mt, transactions picked up. Premiums of hydro-copper remained around 20-40 yuan/mt in the morning.

The SHFE 1808 contract hovered around the 20-day moving average, and closed at 49,215 yuan/mt at the end of the morning trading session, up 40 yuan from that time on Monday August 6.

At noon, high-grade copper traded at 49,260-49,350 yuan/mt and standard-quality copper traded at 49,240-49,330 yuan/mt.

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

14 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

14 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.

14 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."

14 hours ago