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Spot copper premiums rose as reduced futures buoyed purchases
Transactions of spot copper cathode in Shanghai improved on the morning of Wednesday April 22 as downstream consumers stepped up purchases following two straight days of declines in copper futures amid crude market turmoil.
SHANGHAI, Apr 22 (SMM) – Transactions of spot copper cathode in Shanghai improved on the morning of Wednesday April 22 as downstream consumers stepped up purchases following two consecutive days of declines in copper futures amid crude market turmoil.
Spot copper sellers lifted premiums to 170-190 yuan/mt over the SHFE May contract this morning, compared with premiums of 130-160 yuan/mt on Tuesday morning. At noon on Wednesday, premiums of standard-grade copper stabilised at 170-180 yuan/mt, with that of high-grade copper firm at 180-190 yuan/mt. Some cargo holders planned to lift premiums to 200 yuan/mt.
Low-priced cargoes continued to attract purchase interest, but the downside room in spot prices was limited. Premiums of hydro-copper also advanced, to 140 yuan/mt as of noon.
The SHFE May copper contract lost more than 1,000 yuan/mt on the day and ended Wednesday morning trading hours 2.29% lower at 40,890 yuan/mt.
As of noon on April 22, trades of high-grade copper occurred at 40,980-41,100 yuan/mt with standard-quality copper trading at 40,970-41,090 yuan/mt.
Market commentary
Futures movement
Spot copper
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