SHANGHAI, Apr 16 (SMM) – Sellers of spot copper cathode in Shanghai showed continued willingness to firm up offers on the morning of Thursday April 16 even as transactions showed no signs of improvement after copper futures declined.
Premiums of high-grade copper climbed to as high as 200 yuan/mt on Tuesday morning, before tepid purchases weighed the premiums to 180-190 yuan/mt at noon. For standard-quality copper, premiums slipped from 180 yuan/mt to 170 yuan/mt during the same period.
Offers of hydro-copper were adjusted to premiums of 140-150 yuan/mt as of noon on Thursday.
High premiums sidelined traders and downstream consumers, but sellers seemed to show little inclination to significantly mark down prices.
The SHFE May copper contract edged lower to beneath 41,600 yuan/mt, ending the morning trading hours 0.26% lower on the day at 41,570 yuan/mt.
As of noon on April 16, trades of high-grade copper occurred at 41,730-41,830 yuan/mt with standard-quality copper trading at 41,720-41,810 yuan/mt.
