SHANGHAI, Jun 29 (SMM) – Premiums of spot copper cathode in Shanghai held at high levels on the morning of Monday June 29, following a rally in futures prices as domestic inventories accelerated declines. Cautious consumers hesitated about stockpiling significantly at month-end.
Capital settlement drew close to an end on the last but one trading day of the month, and this saw buyers withholding from purchasing in early trades this morning, amid premiums of 180-200 yuan/mt against the SHFE July contract.
Consumers favoured lower-priced cargoes after medium- and small- scale traders lowered premiums to 160-170 yuan/mt for standard-grade copper, and to 180 yuan/mt for high-quality copper. Offers of hydro-copper slipped steeply amid quiet trades, to premiums of 100 yuan/mt as of noon as compared with premiums of 140 yuan/mt in the early morning.
SMM expects low inventories to continue to prop up the spot and futures copper market in the days ahead, underpinning the near-term premiums of spot copper.
The SHFE July copper contract extended increase after the market returned from the three-day Dragon Boat Festival holiday, ending the morning trading hours on Monday 1.5% higher at 48,630 yuan/mt.
As of noon on June 29, trades of high-grade copper occurred at 48,680-48,870 yuan/mt with standard-quality copper trading at 48,670-48,860 yuan/mt.
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