SHANGHAI, Feb 13 (SMM) – Sellers of spot copper firmed up offers moderately in Shanghai on the morning of Wednesday February 13, as they bet on higher purchasing enthusiasm across trader and downstream buyers after CNY.
Offers stood mostly at a discount of 40 yuan/mt to a premium of 20 yuan/mt over the SHFE 1902 contract this morning, compared with a discount of 50 yuan/mt to a premium of 10 yuan/mt on February 12.
When sellers buoyed offers for high-grade copper to a premium of 30 yuan/mt in early morning, traded price stood mostly at a premium of 10 yuan/mt. Standard-quality copper saw transactions occurred at a discount of 40 yuan/mt at noon. Offers of hydro-copper stood at a discount of 150 yuan/mt, but received limited interests.
On the morning of February 13, the SHFE 1901 contract hovered at 47,800 yuan/mt and settled at 47,860 yuan/mt at the end of the morning trading session, down 190 yuan/mt from that time on February 12.
At noon on February 13, high-grade copper traded at 47,860-47,920 yuan/mt and standard-quality copper traded at 47,820-47,880 yuan/mt.