SHANGHAI, Jun 20 (SMM) – Spot copper was mostly offered at a premium of 30-80 yuan/mt over the SHFE July contract in Shanghai on the morning of Thursday June 20, little changed from the previous morning as suppliers, buyers remained in a deadlock.
Downstream consumers remained cautious about fluctuated copper prices, while sellers were in no hurry to destock.
Standard-quality copper, with offers at a premium of 30 yuan/mt, saw potential for lower prices but sellers were less willing to cut premiums of high-quality copper, which stood at 70-80 yuan/mt at noon.
Discounts of hydro-copper expanded from the previous morning, to 50-30 yuan/mt at noon of June 20, but downstream buyers continued to purchase on demand.
On Thursday June 20, the SHFE 1907 contract hovered around 46,800 yuan/mt and ended at 46,850 yuan/mt at the end of the morning trading session, up 60 yuan/mt from that time on June 19.
At noon on June 20, high-grade copper traded at 46,820-46,880 yuan/mt and standard-quality copper traded at 46,780-46,840 yuan/mt.