Spot copper offers go flat amid deadlock between buyers, sellers

Published: Nov 1, 2018 14:06

Save

Spot copper was mostly offered at a discount of 20 yuan/mt to a premium of 30 yuan/mt over the SHFE Nov contract in Shanghai

SHANGHAI, Nov 1 (SMM) – Spot copper was mostly offered at a discount of 20 yuan/mt to a premium of 30 yuan/mt over the SHFE November contract in Shanghai on Thursday November 1. This was little changed from offers on October 31.

A falling copper market grew downstream caution among buyers who maintained on-demand purchases. However, sellers also did not hurry to destock as their inventories depleted in a closed import arbitrage window.

Before noon, premiums for high-quality copper were firm at 20 yuan/mt, and offers for standard-quality products stood at a discount of 20-10 yuan/mt. Discount of hydro-copper, however, deepened to 140-130 yuan/mt before noon.

The SHFE 1811 contract lost support at the 49,000 yuan/mt level, and settled at 48,730 yuan/mt at the end of the morning trading session, down 390 yuan/mt from that time on Wednesday.

At noon on November 1, high-grade copper traded at 48,730-48,800 yuan/mt and standard-quality copper traded at 48,700-48,760 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 for 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

23 mins ago

SMM weekly operating rate of secondary copper anode plate enterprises in China at 52.43%

[SMM Copper Anode Market] From September 11 to September 17, the SMM weekly operating rate of secondary copper anode plate enterprises in China rebounded by 1.03 percentage points WoW to 52.43%. It is expected to decline by 0.62 percentage points WoW next week to 51.81%.

23 mins ago

47 mins ago

[SMM Analysis] The EU’s revised WSR is facing fresh uncertainty over its first list of authorised destinations

[SMM Analysis: The EU’s revised WSR is facing fresh uncertainty over its first list of authorised destinations] The EU’s draft WSR list raises the risk that India, Thailand, Malaysia and China could lose direct access to certain European metal waste flows from May 2027. Copper scrap may be rerouted to approved or OECD markets, increasing processing and compliance costs. SMM expects tighter tradable supply and stronger competition to support high-grade scrap payabilities.

47 mins ago

2 hours ago

SHFE Copper Warrants Drop by 1,545 MT, Mainly in Shanghai and Jiangsu

According to SHFE copper futures warrant data, warrants decreased by 1,545 mt today, mainly in Shanghai, Jiangsu, and Zhejiang, down 895 mt, down 574 mt, and flat, respectively. The total decrease was 1,545 mt, bringing total warrants to 31,400 mt.

2 hours ago