SHANGHAI, Feb 28 (SMM) – SMM understood that sellers refrained from selling at large discounts yesterday without cash flow issues and the contango of SHFE March contract against SHFE April contract. Most of them held onto their cargoes.

The market is concerned that there would be inflows of bonded zone inventories as the SHFE/LME copper price ratio rallied. Spot discounts are unlikely to exceed 100 yuan/mt in the near term.