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.