SHANGHAI, Mar 27 (SMM) – Transactions of spot copper were active in Shanghai on the morning of Friday March 27 as traders stepped up purchases on reduced futures prices. This prompted spot cargo holders to lift premiums.
At noon, premiums of standard-quality copper expanded to 40-50 yuan/mt, against the SHFE April contract, from premiums of 20 yuan/mt in early session. Premiums of high-grade copper stood at 50-60 yuan/mt at noon, with quotes of hydro-copper also flipping to premiums of 10 yuan/mt.
Prices of cargos with March’s invoices were 20 yuan/mt higher than that of products with invoices for April, SMM learned.
The SHFE 2004 contract rebounded quickly after slipping to a session low of 38,660 yuan/mt, ending the morning trading hours roughly flat from the previous day at 39,010 yuan/mt.
As of noon on March 27, trades of high-grade copper occurred at 38,790-39,000 yuan/mt with standard-quality copper trading at 38,780-38,980 yuan/mt.