SHANGHAI, Nov 2 (SMM) – Spot copper was mostly offered at a discount of 10 yuan/mt to a premium of 40 yuan/mt over the SHFE November contract in Shanghai on Friday November 2. This compared with a discount of 20 yuan/mt to a premium of 30 yuan/mt on November 1.
This morning, transactions went quieter from Thursday amid downstream buyers' disappointing outlook on the copper market, even when the SHFE 1811 contract rebounded above 49,000 yuan/mt.
As growth of inventories slowed, sellers firmed up premiums for high-quality copper, to a high of 40 yuan/mt at one point, but attracted few purchases. Demand will determine premiums next week, SMM believes.
The SHFE 1811 contract rallied and settled at 49,130 yuan/mt at the end of the morning trading session, up 410 yuan/mt from that time on Thursday.
At noon on November 2, high-grade copper traded at 49,140-49,220 yuan/mt and standard-quality copper traded at 49,120-49,200 yuan/mt.