SHANGHAI, Feb 21 (SMM) – Higher prices of copper futures continued to deter downstream purchases and expanded spot discounts on the morning of Thursday February 21 in Shanghai.
This morning, offers stood mostly at a discount of 200-70 yuan/mt, compared with a discount of 180-60 yuan/mt in the previous morning.
In early trades this morning, discounts of high-quality copper deepened to 100-90 yuan/mt, from 60 yuan/mt after opening. While some standard-quality copper brands struggled at a discount of 180-170 yuan/mt, offers of Lufang copper and South Korean brands declined to a discount of 200-190 yuan/mt at noon. Discounts of hydro-copper also widened to 350 yuan/mt at noon, from 300 yuan/mt in early trades.
Buyers favoured cheap cargoes in the market. Traders enquired actively, but made few purchases this morning, SMM learned.
On the morning of February 21, the SHFE 1903 contract consolidated around 49,600 yuan/mt and closed at 49,640 yuan/mt at the end of the morning trading session, up 220 yuan/mt from that time on February 20.
At noon on February 21, high-grade copper traded at 49,470-49,570 yuan/mt and standard-quality copper traded at 49,370-49,470 yuan/mt.