SHANGHAI, Nov 16 (SMM) – While higher prices of futures deterred downstream buyers from purchasing in Shanghai spot copper market today, premium offers will sustain to next week on improved demand from long-term contracts. 

Spot copper was mostly offered at a discount of 10 yuan/mt to a premium of 60 yuan/mt over the SHFE December contract on Friday November 16. Compared to standard-quality copper and hydro copper, high-quality products received more interest, with offers firm at a premium of 50-60 yuan/mt 

Before noon, offers for standard-quality products stood at flat to a discount of 10 yuan/mt over the SHFE 1812 contract, and hydro-copper at a discount of 170-140 yuan/mt. Imported copper remained limited as import losses grew amid a closed arbitrage window. 

The SHFE 1812 contract traded rangebound after last night’s surge, settling at 49,510 yuan/mt at the end of the morning trading session, up 310 yuan/mt from that time on Thursday. 

At noon on November 16, high-grade copper traded at 49,500-49,600 yuan/mt and standard-quality copper traded at 49,460-49,560 yuan/mt.