SHANGHAI, May 25 (SMM) – Sellers of spot copper cathode held offers firm on the morning of May 25 in Shanghai as traders and downstream consumers purchased actively following steep declines in copper futures last Friday.
Continued drops in copper inventories across SHFE-listed warehouses also supported spot premiums.
Standard-grade copper was offered at premiums of 190 yuan/mt at noon, as compared with premiums of 180 yuan/mt earlier this morning. Premiums for high-quality copper stabilised at 190-200 yuan/mt this morning, with premiums of hydro-copper at around 150 yuan/mt.
The brisk purchases today were mostly for a round of delivery under long-term contracts. Premiums failed to break up 200 yuan/mt this morning.
The SHFE June copper contract traded sideways whiles its LME counterpart was closed on Monday for a bank holiday. The SHFE contract slightly trimmed declines from last Friday and ended the morning hours Monday 0.21% lower on the day at 43,680 yuan/mt.
As of noon on May 25, trades of high-grade copper occurred at 43,760-43,830 yuan/mt with standard-quality copper trading at 43,750-43,820 yuan/mt.
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