SHANGHAI, Mar 19 (SMM) – Transactions of spot copper in Shanghai were stagnant on the morning of Thursday March 19 as financial market volatility and worries about the crippling impact of the coronavirus kept consumers on the sidelines.
Spot offers were diverse in early session this morning after the most-traded copper contract on the Shanghai Futures Exchange plunged to its daily limit for the second straight day. With the guidance of major traders, quotes stabilised at premiums of 20-50 yuan/mt, over the SHFE April contract, near noon. Offers of hydro-copper stood at discounts of 20-0 yuan/mt at noon. But trades were barely heard in the market.
The SHFE 2004 contract hit its daily “limit-down” right after opening on March 19, to 37,520 yuan/mt. It is likely to test support from 35,000-36,000 yuan/mt in the short term.
As of noon on March 19, a few trades of high-grade copper occurred at 37,560-37,570 yuan/mt with standard-quality copper trading at 37,540-37,560 yuan/mt.