Quiet trades extend decline in spot copper premiums

SHANGHAI, Dec 13 (SMM) – As bearish sentiment across downstream buyers and traders lingered, spot premiums of copper extended their declines in Shanghai on the morning of December 13, but at slower pace compared with Wednesday. 

This morning, spot copper premiums stood mostly at 30-110 yuan/mt over the SHFE December contract in Shanghai, compared with a premium of 50-190 yuan/mt on Wednesday morning. 

While sellers initially retained offers at premiums above 100 yuan/mt for high quality copper, thin transactions weighed the premiums to 50-60 yuan/mt at noon. Premiums of standard-quality cargo also dipped to 30-40 yuan/mt near noon, from some 70 yuan/mt in early morning. 

Offers of hydro-copper slumped to discounts of 120-80 yuan/mt before noon. 

On the morning of December 13, the SHFE 1812 contract climbed and settled at 49,320 yuan/mt at the end of the morning trading session, up 150 yuan/mt from that time on December 12. The SHFE 1902 contract traded some 30 yuan/mt higher than the December contract. 

At noon on December 13, high-grade copper traded at 49,200-49,280 yuan/mt and standard-quality copper traded at 49,150-49,250 yuan/mt.