Spot copper sellers raise offers as supply depletes

SHANGHAI, Oct 22 (SMM) – Spot copper was mostly offered at a discount of 20 yuan/mt to a premium of 30 yuan/mt over the SHFE November contract in Shanghai on Monday October 22. This compared with a discount of 60-20 yuan/mt last Friday. 

As imported cargoes depleted last week, sellers raised offers to a premium of 30 yuan/mt for high-quality copper and held offers flat for standard quality copper. Prices mostly traded at a premium of 10-20 yuan/mt for high-grade materials, and a discount of 20-10 yuan/mt for standard-quality materials, SMM learned. 

Discounts for hydro-copper expanded to a low of 180 yuan/mt as adequate supplies sidelined most downstream buyers. 

The SHFE 1811 contract rallied after it received support at the five-day moving average. It settled at 50,510 yuan/mt at the end of the morning trading session, up 430 yuan/mt from that time last Friday. 

At noon on October 22, high-grade copper traded at 50,450-50,550 yuan/mt and standard-quality copper traded at 50,430-50,530 yuan/mt.