SHANGHAI, Dec 24 (SMM) – Continued demand for spot copper with invoices in December supported premiums to 100-170 yuan/mt, over the SHFE 1901 contract in Shanghai on the morning of Monday December 24. This compared with a premium of 80-170 yuan/mt on the morning of Friday December 21.
While sellers initially offered at premiums of 170 yuan/mt, slowed purchases for long-term contracts weighed the premiums to 150 yuan/mt for high-quality copper, and to 100 yuan/mt for standard-quality products.
Supplies of cargoes with January’s invoices increased, with premiums at around 20-50 yuan/mt for standard quality copper, and at 100 yuan/mt for high-quality copper, SMM learned.
As demand for products with invoices in December will wane, spot premiums are likely to decline in the second half of this week, SMM expects.
On the morning of December 24, the SHFE 1901 contract hovered around 48,200 yuan/mt and settled at 48,240 yuan/mt at the end of the morning trading session, down 80 yuan/mt from that time on December 21.
At noon on December 24, high-grade copper traded at 48,320-48,420 yuan/mt and standard-quality copper traded at 48,280-48,380 yuan/mt.