Continued thin trades grow spot copper discounts in Shanghai

SHANGHAI, Jan 30 (SMM) – Fewer downstream purchases grew spot copper discounts in the Shanghai market on the morning of Wednesday January 30. While traders demanded lower offers, SMM does not expect the discounts to widen significantly ahead of CNY. 

Discounts stood mostly at 190-110 yuan/mt over the SHFE 1902 contract this morning, compared with discounts of 190-100 yuan/mt on the morning of January 29. 

Sellers mostly maintained stable offers this morning, which stood at a discount of 180-160 yuan/mt for standard-quality copper, at 120-110 yuan/mt for higher-quality copper, and at some 300 yuan/mt for hydro-copper. A discount of 200 yuan/mt for standard-grade copper was heard near noon, but this failed to attract downstream purchases. 

On the morning of January 30, the SHFE 1902 contract consolidated around 47,600 yuan/mt and settled at 47,610 yuan/mt at the end of the morning trading session, up 190 yuan/mt from that time on January 29.
 
At noon on January 30, high-grade copper traded at 47,470-47,570 yuan/mt and standard-quality copper traded at 47,410-47,510 yuan/mt.