SHANGHAI, Mar 25 (SMM) – Lower prices of futures drove spot copper sellers to raise premiums in Shanghai on the morning of Monday March 25.
Spot copper premiums stood mostly at 960-1,180 yuan/mt over the SHFE April contract this morning. This compared with a premium up to 1,150 yuan/mt on the morning of the previous trading day on Friday March 22.
During the second session for the morning of March 25, cash-in demand and profits encouraged medium-sized and small traders to lower premiums below 1,000 yuan/mt, to 980 yuan/mt for standard quality copper. This compared with a premium of 1,050 yuan/mt in early trades.
Premiums for high-quality copper dropped to approach 1,100 yuan/mt at noon, from 1,130-1,150 yuan/mt earlier in this morning. Offers of hydro-copper also fell to a premium of 780-800 yuan/mt, from 850-880 yuan/mt during the same period.
Downstream buyers stockpiled as prices of futures dropped today. They preferred cheap standard-quality copper to high-quality copper, SMM learned.
At noon on Monday March 25, high-grade copper traded at 49,360-49,460 yuan/mt and standard-quality copper traded at 49,240-49,320 yuan/mt.