SHANGHAI, Apr 11 (SMM) – Lower prices of copper futures drove downstream consumers to stockpile spot products, and this kept premiums at highs in Shanghai on the morning of Thursday April 11.
Spot copper premiums stood mostly at 30-150 yuan/mt over the SHFE April contract this morning. This compared with a premium of 20-140 yuan/mt on the morning of the previous trading day on Wednesday April 10.
During the second session this morning, brisk trades and lower prices of futures prompted sellers to raise premiums of high-quality copper to 140-150 yuan/mt, from 130 yuan/mt in early trades. Premiums of standard-quality copper also grew 10-20 yuan/mt, to stand at 40-50 yuan/mt at noon. Discounts of hydro-copper narrowed to 60-40 yuan/mt.
Transitions remained active at noon, despite higher premiums. Higher-quality copper accounted for most of the trades.
On the morning of April 11, the SHFE 1904 contract weakened and ended at 49,140 yuan/mt at the end of the morning trading session, down 220 yuan/mt from that time on April 10.
At noon on Monday March 25, high-grade copper traded at 49,320-49,380 yuan/mt and standard-quality copper traded at 49,220-49,280 yuan/mt.