SHANGHAI, Apr 24 (SMM) – Sufficient supplies and the inclination to cash in across sellers expanded discounts of spot copper in a buyer's market, even as prices of futures slid in Shanghai on the morning of Wednesday April 24.
Offers stood mostly at a discount of 30 to a premium of 80 yuan/mt over the SHFE front-month May contract this morning, compared with a discount of 10 yuan/mt to a premium of 100 yuan/mt on April 23.
While sellers lowered offers down to a discount of 20 yuan/mt in early trades, transactions occurred at a discount of 30 yuan/mt at noon. Downstream consumers hesitated over high-grade copper, which was offered at a premium of 60-70 yuan/mt.
Discounts of hydro-copper deepened to 100-90 yuan/mt near noon, from 70-60 yuan/mt in early trades this morning.
On the morning of April 24, the SHFE 1905 contract lost support at 49,000 yuan/mt as the US dollar rose, and settled at 48,950 yuan/mt at the end of the morning trading session, down 200 yuan/mt from that time on April 23.
At noon on April 24, high-grade copper traded at 49,030-49,150 yuan/mt and standard-quality copper traded at 48,940-49,060 yuan/mt.