SHANGHAI, Oct 17 (SMM) – Spot copper market in Shanghai saw quiet trades on the morning of Thursday October 17 as cargo holders firmed up offers on lower futures prices, and this kept consumers on the sidelines.
By the noon on October 17, premiums of spot copper stood at 50-80 yuan/mt, against the SHFE November contract, up 10 yuan/mt from the previous session on October 16.
Buying interest in high-grade copper came weaker than that in standard quality copper this morning, narrowing the price spread between the two types of products. Quotes of hydro-copper held steady at a premium of 30 yuan/mt.
On October 17, the SHFE November contract tracked its LME counterpart lower and ended the morning trading session at 46,620 yuan/mt, down 0.47% from that time on Wednesday.
At noon on October 17, high-grade copper traded at 46,690-46,730 yuan/mt with standard-quality copper at 46,670-46,710 yuan/mt.