Spot copper trades subdued at month-end despite lower prices

Published: Oct 31, 2019 15:24

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Downstream consumers were on the sidelines at the end of a month, and the situation may improve on Friday Nov 1

SHANGHAI, Oct 31 (SMM) – Spot copper suppliers, buyers remained in a deadlock on the morning of Thursday October 31 even as furthers prices slipped.

Quotes of spot cargoes were stuck at a discount of 10 yuan/mt to a premium of 20 yuan/mt, little changed from the previous morning. Sufficient supplies sent discounts of hydro-copper to as wide as 60 yuan/mt at noon of October 31.

Downstream consumers were on the sidelines at the end of a month, and the situation may improve on Friday November 1.

On October 31, the SHFE November contract weakened on a potential delay in US-China trade deal, ending the morning trading session 0.36% lower at 47,230 yuan/mt.

At noon on October 31, high-grade copper traded at 47,180-47,240 yuan/mt and standard-quality copper traded at 47,160-47,220 yuan/mt.

Market commentary Futures movement Spot copper

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