SHANGHAI, Nov 6 (SMM) – Spot copper was mostly offered at a discount of 20 yuan/mt to a premium of 40 yuan/mt over the SHFE November contract in Shanghai on Tuesday November 6. This compared with a discount of 20 yuan/mt to a premium of 30 yuan/mt on November 5.
Lower prices of SHFE copper contract improved overall transactions in the morning. A pickup in trades encouraged sellers to firm up offers in the second trading session in the morning.
Before noon, offers for high-quality copper rose to a premium of 40 yuan/mt over the SHFE 1811 contract, from a premium of 20 yuan/mt earlier in the morning. Offers for standard quality copper also grew from a discount of 20-10 yuan/mt in the early morning, to a premium of 30 yuan/mt before noon, SMM learned. Offers for hydro-copper stood mostly at a discount of 130-90 yuan/mt at noon.
The SHFE 1811 contract dipped to a low of 49,500 yuan/mt and settled at 49,570 yuan/mt at the end of the morning trading session, down 320 yuan/mt from that time on Monday.
At noon on November 6, high-grade copper traded at 49,550-49,650 yuan/mt and standard-quality copper traded at 49,530-49,630 yuan/mt.