Restocking bolsters spot copper trades in Shanghai

SHANGHAI, Mar 19 (SMM) – Transactions in the spot copper market in Shanghai were brisk in the morning of Tuesday March 19 and this lifted premiums. Traders accounted for most of the transactions, with downstream consumption also picking up, as futures prices slowed gains. 

This morning, offers stood at a premium of 850-1,100 yuan/mt, compared with a premium of 820-1,050 yuan/mt in the previous morning.

Compared with early trades, premiums of high-quality copper increased by some 50 yuan/mt to 1,100 yuan/mt around noon. Sellers of standard-quality copper also raised offers to a premium of 880-900 yuan/mt, from a premium of 850 yuan/mt in the early morning. Premiums of hydro-copper climbed by some 50 yuan/mt, to 800 yuan/mt during the same period. 

Transactions were brisk in the first trading session for the morning, and slowed down around noon as premiums rose. 

On the morning of March 19, the SHFE 1904 contract traded weakly and closed at 49,110 yuan/mt at the end of the morning trading session, up 20 yuan/mt from that time on March 18.
 
At noon on March 19, high-grade copper traded at 50,100-50,200 yuan/mt and standard-quality copper traded at 49,900-50,000 yuan/mt.