Higher futures prices weigh on spot copper trades, discounts -Shanghai Metals Market

Hot Keywords

  • Inventory data
  • NPI
  • Production data
  • Market commentary
  • Zinc
  • Macroeconomics
  • Aluminium
  • Morning comments
  • Mengtai Group
  • Futures movement
  • Copper
  • Stainless steel
  • Nickel
  • In the United States
  • trade negotiations

Higher futures prices weigh on spot copper trades, discounts 

Price Review & Forecast 03:52:24PM Feb 19, 2019 Source:SMM

SHANGHAI, Feb 19 (SMM) – Higher prices of copper futures lowered downstream purchases, and drove sellers to lower offers to destock on the morning of Tuesday February 19 in Shanghai. 

Offers stood mostly at a discount of 180-50 yuan/mt over the SHFE 1903 contract this morning, compared with a discount of 160-30 yuan/mt on February 18. 

Trades started to pick up when sellers lowered offers for standard-quality copper to a discount of 180-170 yuan/mt, from a discount of 150 yuan/mt in early trades. Discounts for high-quality copper also expanded to 80-70 yuan/mt, from 50 yuan/mt during the same period. This attracted some purchases from traders. Discounts of hydro-copper grew to 320 yuan/mt at noon. 

On the morning of February 19, the SHFE 1903 contract returned above 49,000 yuan/mt and settled at 49,200 yuan/mt at the end of the morning trading session, up 550 yuan/mt from that time on February 18.
 
At noon on February 19, high-grade copper traded at 48,980-49,080 yuan/mt and standard-quality copper traded at 48,860-48,980 yuan/mt.

Higher futures prices weigh on spot copper trades, discounts 

Price Review & Forecast 03:52:24PM Feb 19, 2019 Source:SMM

SHANGHAI, Feb 19 (SMM) – Higher prices of copper futures lowered downstream purchases, and drove sellers to lower offers to destock on the morning of Tuesday February 19 in Shanghai. 

Offers stood mostly at a discount of 180-50 yuan/mt over the SHFE 1903 contract this morning, compared with a discount of 160-30 yuan/mt on February 18. 

Trades started to pick up when sellers lowered offers for standard-quality copper to a discount of 180-170 yuan/mt, from a discount of 150 yuan/mt in early trades. Discounts for high-quality copper also expanded to 80-70 yuan/mt, from 50 yuan/mt during the same period. This attracted some purchases from traders. Discounts of hydro-copper grew to 320 yuan/mt at noon. 

On the morning of February 19, the SHFE 1903 contract returned above 49,000 yuan/mt and settled at 49,200 yuan/mt at the end of the morning trading session, up 550 yuan/mt from that time on February 18.
 
At noon on February 19, high-grade copper traded at 48,980-49,080 yuan/mt and standard-quality copper traded at 48,860-48,980 yuan/mt.