SHANGHAI, Nov 14 (SMM) – Spot copper was mostly offered at a premium of 20-70 yuan/mt over the SHFE November contract in Shanghai on Wednesday November 14. This compared with a premium of 10-60 yuan/mt on November 13.
Transactions were brisk in the first trading session in the morning, as the SHFE November contract traded at lower prices than the SHFE December contract. A wider gap in futures prices drove sellers to raise premiums in the second trading session for the morning.
Before noon, premiums for high-quality copper were raised to 70-80 yuan/mt, from 50 yuan/mt in the early morning, and premiums for standard-quality products stood at 40-50 yuan/mt from 20-30 yuan/mt. Offers for hydro-copper stood mostly at a discount of 100-70 yuan/mt at noon.
The SHFE 1811 contract hovered around 48,900 yuan/mt and settled at 48,860 yuan/mt at the end of the morning trading session, up 30 yuan/mt from that time on Tuesday. The SHFE 1812 contract traded some 90-100 higher from the 1811 contract before noon, and closed at 48,980 yuan/mt at the end of the morning trading session, up 40 yuan/mt on the day.
At noon on November 14, high-grade copper traded at 48,900-48,970 yuan/mt and standard-quality copper traded at 48,870-48,930 yuan/mt.