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Smaller price spread between spot copper products deters speculative purchases
Spot premiums held steady on the morning of Aug 14 in Shanghai while futures prices gave up part of the gains from overnight
SHANGHAI, Aug 14 (SMM) – Spot copper premiums held steady on the morning of Wednesday August 14 in Shanghai while futures prices of copper gave up part of the gains from overnight. Speculative purchases by traders weakened as the price difference between high- and standard- grade products narrowed.
On the morning of Wednesday, sellers firmed up premiums of standard-quality copper, to 30-40 yuan/mt, over the front-month SHFE August contract, with premiums of high-grade copper standing at 50-60 yuan/mt amid thin trades.
Offers of hydro-copper remained at a premium of 10 yuan/mt, flat from that in the previous morning.
On Wednesday August 14, the SHFE August contract hovered around 46,600 yuan/mt and ended the morning trading session at 46,520 yuan/mt, up 30 yuan/mt from that time on Tuesday.
At noon on August 14, high-grade copper traded at 46,610-46,680 yuan/mt and standard-quality copper traded at 46,600-46,670 yuan/mt.
Market commentary
Futures movement
Spot copper
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