Spot copper sellers hold back while futures strengthen

SHANGHAI, Jun 11 (SMM) – Spot copper was mostly offered at a discount of 60 yuan/mt to flat to the SHFE 1806 contract in the Shanghai market on Monday June 11. This compared with a discount of 60-20 yuan/mt on Friday June 8.

The SHFE 1806 contract strengthened this morning. It gained 260 yuan/mt to close at 53,800 yuan/mt in the morning trading session. Prices of the 1806 contract remained 200 yuan/mt lower than that of the 1807 contract. 

As the delivery day on June 15 approaches, sellers tended to hold back given the firm 200 yuan/mt price gap between the 1806 and 1807 contracts. 

High-quality copper was offered at a discount of 20 yuan/mt to flat over the 1806 contract in the morning. Discounts of standard-quality copper stood at 60 yuan/mt, and that of hydro-copper at 120-100 yuan/mt. Low-priced imported copper from Japan and Korea was favoured by consumers, SMM learned.  

At noon, high-grade copper traded at 53,760-53,840 yuan/mt and standard-quality copper traded at 53,740-53,800 yuan/mt.

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