SHANGHAI, Sep 25 (SMM) – Spot copper was mostly offered at a premium of 50-120 yuan/mt over the SHFE October contract in Shanghai on Tuesday September 25. This compared with a premium of 110-190 yuan/mt last Friday.
Sellers showed more destock willingness before the week-long National Day holiday on October 1, and lowered premiums to boost trades. The October contract traded some 200-300 yuan/mt higher than the dominant SHFE November contract this morning, and this also accounted for the lower spot premiums.
Oversupply quickly dragged down offers for copper with October’s invoice in the morning, usually standing 20-30 yuan/mt lower from offers of the same products with invoice for September. Trades started to pick up when offers fell to a premiums of 100 yuan/mt for high-quality copper with September’s invoice, and to a premium of 50 yuan/mt for standard-quality copper with October’s invoice.
At noon, high-grade copper traded at 50,430-50,540 yuan/mt and standard-quality copper traded at 50,400-50,500 yuan/mt.