SHANGHAI, Apr 1 (SMM) – Trades of spot copper in Shanghai moderated from the previous day on the morning of Wednesday April 1 as downstream consumers and traders hesitated over the elevated premiums and futures prices and slowed down purchases.
Sellers tended to hold offers higher than levels of the previous day, but transactions were not strong enough to support the offers, which slipped to premiums of 130-140 yuan/mt for high-grade copper, compared with premiums of 150 yuan/mt in early session.
Consumers favoured standard-grade copper, whose premiums were stable at 120 yuan/mt, over the SHFE April contract. But transaction volumes weakened from the prior day.
As of noon on April 1, premiums of hydro-copper stood at 70-90 yuan/mt, unchanged from Tuesday.
The SHFE 2004 copper contract held onto gains from Tuesday and ended the morning trading hours 0.43% higher on the day at 39,470 yuan/mt. It gave up some increase in the afternoon session.
As of noon on April 1, trades of high-grade copper occurred at 39,550-39,620 yuan/mt with standard-quality copper trading at 39,540-39,610 yuan/mt.
