SHANGHAI, Apr 30 (SMM) – Transactions of spot copper slowed in Shanghai on the morning of Tuesday April 30, as most downstream buyers finished stockpiling on the last trading day before the Labour Day holiday.
Though some downstream consumers continued to restock as prices fell, their purchasing volume shrank from the previous trading day.
Spot copper offers stood mostly at a discount of 40 to a premium of 50 yuan/mt against the SHFE front-month May contract this morning. This compared with a discount of 40 yuan/mt to a premium of 40 yuan/mt on the previous trading day on Monday April 29.
Compared with early trades this morning, sellers lowered offers by some 10 yuan/mt to a discount of 40 yuan/mt at noon, but this failed to attract much purchasing interest.
Offers of hydro-copper maintained at a discount of 100-80 yuan/mt this morning, unchanged from April 29.
On April 30, the SHFE 1905 contract ended at 48,920 yuan/mt at the end of the morning trading session, up 80 yuan/mt from that time on April 29.
At noon on Tuesday April 30, high-grade copper traded at 48,900-48,980 yuan/mt and standard-quality copper traded at 48,840-48,900 yuan/mt.