SHANGHAI, Mar 1 (SMM) – Greater downstream purchases improved trades of spot copper, and prompted sellers to narrow discounts in Shanghai on the morning of Friday March 1.
This morning, offers stood mostly at a discount of 120-60 yuan/mt, compared with a discount of 150-60 yuan/mt in the previous morning.
At noon of March 1, a discount of 120 yuan/mt, against the SHFE 1903 contract, for standard-quality copper attracted most of the downstream demand. This compared with a discount of 70-60 yuan/mt for higher-quality copper, and 230-200 yuan/mt for hydro-copper at noon.
SMM expects the discounts of hydro-copper to narrow in trades this afternoon as downstream consumption picked up.
On the morning of March 1, the SHFE 1903 contract stabilised and ended it at 49,980 yuan/mt at the end of the morning trading session, down 70 yuan/mt from that time on February 28.
At noon on March 1, high-grade copper traded at 49,890-49,960 yuan/mt and standard-quality copper traded at 49,840-49,920 yuan/mt.