SHANGHAI, Sep 17 (SMM) – Spot copper sellers firmed up premiums in Shanghai on the morning of Tuesday September 17 on limited arrivals in the market and expectations of restocking demand by traders.
As Shanghai copper fell to levels around 47,300 yuan/mt, spot sellers added premiums to 120-160 yuan/mt, against the SHFE front-month October contract. This compared with a premium of 70-120 yuan/mt over the SHFE September contract on the last trading day of the contract on Monday September 16.
Premiums of standard-quality copper moved lower from earlier trades this morning, to 120 yuan/mt at noon of Tuesday, but premiums of high-grade copper stuck between 150-160 yuan/mt. Hydro-copper traded at a premium of 90 yuan/mt, with no cheap cargoes available.
On Tuesday September 17, the SHFE October contract extended overnight losses and ended the morning trading session at 47,350 yuan/mt, down 0.65% from that time on Monday September 16.
At noon on Tuesday, high-grade copper traded at 47,500-47,540 yuan/mt and standard-quality copper traded at 47,470-47,520 yuan/mt.