SHANGHAI, Dec 4 (SMM) – High demand across traders for high-quality copper buoyed its premiums in the Shanghai spot market on the morning of Tuesday December 4. Spot copper premiums stood mostly at 100-240 yuan/mt over the SHFE December contract this morning. This compared with a premium of 110-190 yuan/mt on Monday December 3.
Brisk trades of high-standard copper increased its premiums from 110-200 yuan/mt in early morning, to 240-250 yuan/mt in the second trading session for morning. Sellers lowered premiums of standard-quality products by some 10-20 yuan/mt to 100 yuan/mt during the morning, but attracted few purchases. Thin trades also expanded discounts of hydro-copper to 120 yuan/mt at noon, from 70 yuan/mt earlier in the morning.
In the second morning trading session, prices of futures came off from highs around the 50,000 yuan/mt level, but this failed to bolster downstream purchases.
The SHFE 1812 contract settled at 49,710 yuan/mt at the end of the morning trading session, down 450 yuan/mt from that time on Monday.
At noon on December 4, high-grade copper traded at 50,000-50,060 yuan/mt and standard-quality copper traded at 49,900-49,950 yuan/mt.