SHANGHAI, Feb 22 (SMM) – Sluggish purchases from downstream buyers and traders, as well as expanding inventories added to pricing pressure of spot copper sellers, who widened discounts on the morning of Friday February 22.
This morning, offers stood mostly at a discount of 210-90 yuan/mt, compared with a discount of 200-70 yuan/mt in the previous morning.
In early trades this morning, discounts of standard-quality copper grew to 210-200 yuan/mt, from 180 yuan/mt after opening. Trades of high-quality copper occurred at a discount of 100 yuan/mt, compared with an earlier discount offer of 80 yuan/mt.
Some traders cut offers of hydro-copper steeply to a discount of 370 yuan/mt at noon, and there is further downside room expected in the afternoon.
On the morning of February 22, the SHFE 1903 contract consolidated around 49,500 yuan/mt and closed at 49,510 yuan/mt at the end of the morning trading session, down 60 yuan/mt from that time on February 21.
At noon on February 22, high-grade copper traded at 49,360-49,410 yuan/mt and standard-quality copper traded at 49,260-49,320 yuan/mt.