SHANGHAI, Nov 21 (SMM) – Spot copper was mostly offered at a premium of 60-140 yuan/mt over the SHFE December contract in Shanghai on Wednesday November 21. This compared with a premium of 40-100 yuan/mt on Tuesday November 20.
While traders firmed up offers, lower prices of futures improved transactions in Shanghai after Tuesday’s stalemate, with downstream buyers dominating the market.
Offers of high-grade copper stood at a premium up to 150 yuan/mt in the early morning, but traded prices were mostly at a premium of 130-140 yuan/mt. Standard-quality products traded at a premium of 70 yuan/mt before noon. Discounts of hydro copper narrowed from November 20, to 150-120 yuan/mt at noon.
The SHFE 1812 contract rallied after an overnight slump, and settled at 49,280 yuan/mt at the end of the morning trading session, down 430 yuan/mt from that time on Tuesday.
At noon on November 21, high-grade copper traded at 49,330-49,430 yuan/mt and standard-quality copper traded at 49,280-49,360 yuan/mt.