Spot copper offers go flat amid deadlock between buyers, sellers

SHANGHAI, Nov 1 (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 Thursday November 1. This was little changed from offers on October 31. 

A falling copper market grew downstream caution among buyers who maintained on-demand purchases. However, sellers also did not hurry to destock as their inventories depleted in a closed import arbitrage window. 

Before noon, premiums for high-quality copper were firm at 20 yuan/mt, and offers for standard-quality products stood at a discount of 20-10 yuan/mt. Discount of hydro-copper, however, deepened to 140-130 yuan/mt before noon.

The SHFE 1811 contract lost support at the 49,000 yuan/mt level, and settled at 48,730 yuan/mt at the end of the morning trading session, down 390 yuan/mt from that time on Wednesday. 

At noon on November 1, high-grade copper traded at 48,730-48,800 yuan/mt and standard-quality copper traded at 48,700-48,760 yuan/mt.