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Lower prices of futures buoy spot copper trades
Nov 14,2018 13:59CST
price review forecast
Source:SMM
Spot copper was mostly offered at a premium of 20-70 yuan/mt over the SHFE Nov contract in Shanghai on Nov 14

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.

Market commentary
Futures movement
Spot copper

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