SHANGHAI, Jun 6 (SMM) – Spot copper was mostly offered at a discount of 60 yuan/mt to flat over the SHFE 1806 contract in the Shanghai market on Wednesday June 6. This compared with a discount of 30 yuan/mt to a premium of 30 yuan/mt on Tuesday June 5.
The SHFE 1806 contract traded robustly this morning. It gained over 700 yuan/mt from the previous day to close at 52,580 yuan/mt in the morning trading session. Prices of the 1806 contract stood 200 yuan/mt lower from that of the 1807 contract on Wednesday.
Sellers were keen to destock as prices of futures soared. High-quality copper was offered at a discount of 20 yuan/mt at noon, from flat over the 1806 contract in the morning. Discounts of standard-quality copper deepened from 50-40 yuan/mt in the morning to 60 yuan/mt at noon.
Most transactions were accounted for by traders who purchased when discounts widened. High-quality copper was preferred in long term contracts.
At noon, high-grade copper traded at 52,550-52,620 yuan/mt and standard-quality copper traded at 52,520-52,580 yuan/mt.
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