SHANGHAI, Nov 18 (SMM) – Premiums of spot copper remained at highs on the morning of November 18 in Shanghai as reduced copper inventories grew concerns about nearby tight supplies.
Data from the Shanghai Futures Exchange showed that copper inventories shrank more than 13,000 mt on the week to 135,513 mt as of Friday November 15.
At noon of Monday November 18, cargo holders raised premiums to 160 yuan/mt, over the SHFE December contract, for high-grade copper and to 140 yuan/mt for standard-quality copper, compared to premiums of 120-140 yuan/mt in early session.
Premiums of hydro-copper maintained at 70-90 yuan/mt at noon of November 18.
The SHFE December contract regained losses from last Friday night and ended the morning trading session on November 18 slightly higher at 46,950 yuan/mt.
At noon on November 18, high-grade copper traded at 46,960-47,100 yuan/mt and standard-quality copper traded at 46,950-47,080 yuan/mt.