Rallied prices of futures weigh on Shanghai spot copper trades

SHANGHAI, Nov 22 (SMM) – Higher prices of copper futures lowered transactions in Shanghai spot market on Thursday November 22. Spot copper was mostly offered at a premium of 60-130 yuan/mt over the SHFE December contract this morning. This compared with a premium of 60-140 yuan/mt on Wednesday November 21. 

Cooler downstream purchases lowered offers of high-quality premium to 110-120 yuan/mt at noon, from 130 yuan/mt in the early morning. Prices of standard-quality copper had limited downward room, mostly stood at a premium of 60-70 yuan/mt in the morning. Discounts of hydro copper held firm compared to November 21, at 140-110 yuan/mt at noon. 

The SHFE 1812 contract extended overnight increases and settled at 49,530 yuan/mt at the end of the morning trading session, up 180 yuan/mt from that time on Wednesday. 

At noon on November 22, high-grade copper traded at 49,540-49,640 yuan/mt and standard-quality copper traded at 49,500-49,580 yuan/mt.