SHANGHAI, Sep 28 (SMM) – Spot copper was mostly offered at a discount of 30 yuan/mt to a premium of 40 yuan/mt over the SHFE 1810 contract in Shanghai on Friday September 28. This compared with a discount of 20 yuan/mt to a premium of 20 yuan/mt Thursday.
On the last trading day before the National Day holiday, sellers lowered offers in hopes of clearing out inventories, while downstream mostly finished stockpiling, SMM learned.
In the second trading session for the morning, offers of standard-quality copper fell to a discount of 30 yuan/mt, from premiums offers over the SHFE October contract in the early morning. Transactions dwindled from Thursday, with fewer inquiries in the market near noon. We expect that trades will cool further in the afternoon.
The SHFE 1810 contract faced pressure at five-day moving average and settled at 50,350 yuan/mt at the end of the morning trading session, down 150 yuan/mt from that time on Thursday.
At noon, high-grade copper traded at 50,200-50,350 yuan/mt and standard-quality copper traded at 50,150-50,300 yuan/mt.