SHANGHAI, Feb 1 (SMM) – The Shanghai spot copper market remained quiet on the last trading day before CNY, while discounts reduced slightly from Thursday January 31.
On the morning of February 1, discounts stood mostly at 150-50 yuan/mt over the SHFE 1902 contract, compared with discounts of 160-70 yuan/mt on the morning of January 31.
This morning, discounts of high-quality copper were heard at 80-60 yuan/mt, and standard-quality copper at 150-130 yuan/mt. Offers of hydro-copper stood mostly at a discount of 280-260 yuan/mt, with the deepest at 300 yuan/mt at noon. Some traders favoured cheap cargoes as they were optimistic about prices after CNY.
On the morning of February 1, the SHFE 1902 contract fell from a high above 48,000 yuan/mt and closed at 47,790 yuan/mt at the end of the morning trading session, down 100 yuan/mt from that time on January 31.
At noon on February 1, high-grade copper traded at 47,760-47,880 yuan/mt and standard-quality copper traded at 47,700-47,800 yuan/mt.