SHANGHAI, May 18 (SMM) – Premiums of spot copper cathode rose in Shanghai on the morning of May 18 as traders made enquiries and purchases actively while copper futures rallied. 

Transactions were brisk in the early morning when high-grade copper was offered at premiums of 150 yuan/mt, against the SHFE June contract, and standard-grade copper was priced at premiums of 140 yuan/mt. The premiums climbed in the second trade session this morning, to 160-170 yuan/mt for high-quality copper and to 150 yuan/mt for standard-grade copper. Traders favoured lower-priced cargoes.

Premiums of hydro-copper maintained at around 110 yuan/mt at noon. Overall trades this morning improved from last Friday and spot sellers may continue to firm up prices in the upcoming session. 

The SHFE June copper contract opened Monday at highs and advanced above 43,100 yuan/mt this morning, ending the morning trading hours at 43,170 yuan/mt, up 0.4% on the day. 

As of noon on May 18, trades of high-grade copper occurred at 43,220-43,310 yuan/mt with standard-quality copper trading at 43,210-43,300 yuan/mt.