SHANGHAI, Jun 25 (SMM) – Strong demand for spot copper with invoices for June kept sellers holding premiums firm on the morning of Tuesday June 25 in Shanghai.
Overall trades improved little from the previous morning. This, together with the expected lower demand after the last delivery day for long-term contracts on June 25, is likely to ease premiums tomorrow.
Spot copper was mostly offered at a premium of 20-80 yuan/mt over the SHFE front-month July contract on the morning of June 25, compared with a premium of 30-90 yuan/mt on June 24.
Offers of cargoes with invoices for June stood at a premium of 40-80 yuan/mt. Quotations for products with July’s invoices were also heard in the market, at premiums 20 yuan/mt lower than that of the cargoes with June’s invoices. SMM expects the spread to little change tomorrow.
On Tuesday June 25, the SHFE 1907 contract rallied above 46,900 yuan/mt and ended at 46,860 yuan/mt at the end of the morning trading session, up 80 yuan/mt from that time on June 24.
At noon on June 25, high-grade copper traded at 46,880-47,070 yuan/mt and standard-quality copper traded at 46,840-47,030 yuan/mt.