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Thin purchases shrink spot copper discounts
Spot copper was mostly offered at a discount of 70-40 yuan/mt over the SHFE November contract on Oct 18
SHANGHAI, Oct 18 (SMM) – Spot copper was mostly offered at a discount of 70-40 yuan/mt over the SHFE November contract in Shanghai on Thursday October 18. This compared with a discount of 70-20 yuan/mt Wednesday.
Lacklustre downstream purchases deepened spot discounts, even as prices of the futures weakened. In the morning trading session, Korean imports and domestic Lufang brand saw firm discounts of 70 yuan/mt, but offers for other domestic brands such as Baiyin, Zijin, and Yuguang widened to a discount of nearly 100 yuan/mt.
Discounts for hydro-copper remained at 200-160 yuan/mt in the morning. While adequate supplies kept most downstream buyers on the sidelines, SMM expects limited downward room in spot discounts.
The SHFE 1811 contract faced pressure at the five-day moving average and settled at 50,210 yuan/mt at the end of the morning trading session, down 20 yuan/mt from that time on Wednesday.
At noon, high-grade copper traded at 50,190-50,300 yuan/mt and standard-quality copper traded at 50,170-50,280 yuan/mt.
Market commentary
Futures movement
Spot copper
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