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Wider spot discount failed to boost purchases
Mar 2,2021 10:19CST
SMM InsightData Analysis
Spot premiums in Shanghai rose to 70 yuan/mt on February 18 from zero ahead of CNY due to costs during CNY holidays. However, spot premiums turned into wide discounts as of February 25 as SHFE copper prices surged, which stood at around 250 yuan/mt, a decline of nearly  460%. This signified that investors were selling aggressively to generate cash amid cash flow issues. Downstream inquiries were brisk but sellers refrained from lowering their quotes, with spot discounts stabilising between 150-140 yuan/mt.
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