SHANGHAI, Nov 20 (SMM) – Spot copper was mostly offered at a premium of 40-100 yuan/mt over the SHFE December contract in Shanghai on Tuesday November 20. This changed little from a premium of 30-110 yuan/mt on Monday November 19.
Trades were in a stalemate as sellers would not let go cargoes at a lower offer amid tight supplies of imports and high-quality copper. Downstream buyers continued to purchase on demand.
Sellers firmed up premiums of high-grade copper to 90-100 yuan/mt, and kept premiums of standard-quality products at 40 yuan/mt before noon. The price spread between high-quality copper and hydro copper narrowed as sellers stop deepening discounts of hydro copper like Monday morning. Discounts of hydro copper stood at 200-160 yuan/mt at noon.
The SHFE 1812 contract faced pressure at 49,800 yuan/mt and settled at 49,660 yuan/mt at the end of the morning trading session, up 30 yuan/mt from that time on Monday.
At noon on November 20, high-grade copper traded at 49,780-49,960 yuan/mt and standard-quality copper traded at 49,740-49,920 yuan/mt.