SHANGHAI, Aug 12 (SMM) – Spot copper premiums weakened on the morning of Monday August 12 in Shanghai as inventories built up and sellers showed more inclination to cash in.
Trades started to pick up after sellers reduced offers to a premium of 30-40 yuan/mt, against the SHFE front-month August contract, for standard quality copper, and to a premium of 60 yuan/mt for high-quality copper.
Relatively tight supply of hydro-copper kept its premiums at about 10 yuan/mt at noon of August 12.
On Monday August 12, the SHFE August contract hovered around 46,500 yuan/mt and ended the morning trading session at 46,510 yuan/mt, up 10 yuan/mt from that time on last Friday.
At noon on August 12, high-grade copper traded at 46,530-46,610 yuan/mt and standard-quality copper traded at 46,510-46,590 yuan/mt.