SHANGHAI, Feb 27 (SMM) – Spot discounts in Shanghai stuck to around 100 yuan/mt last week. SMM reported that spot discounts of #1 copper cathode expanded from 70-40 yuan/mt against the SHFE 2303 copper contract on February 17 to 130-80 yuan/mt on February 24. In the first half of the week, the most active SHFE copper contract climbed above 70,000 yuan/mt, inhibiting downstream purchases. As copper prices fell in the second half of the week, trading volume picked up slightly. The market still favoured hydro-copper and non-registered copper cathode, while trading of mainstream copper cathode brands did not pick up. Recently, the tight supply of hydro-copper has kept its price spread with mainstream copper cathode brands narrow. Therefore, traded prices of hydro-copper have underpinned the lower limit of prices for mainstream copper cathode brands. In the meantime, sellers were in no rush to sell thanks to the expanding contango of SHFE March copper contract over SHFE April copper contract, refraining from lower spot quotes further.
Spot discounts in Shandong expanded to 300 yuan/mt due to rising copper prices, and then stabilised. Higher copper prices widened discounts in Shandong. While smelters lowered spot quotes to the utmost, downstream buying interest was still poor. Trading volume gradually shrank during the week.
Spot quotes in north China inched lower last week. Spot copper was quoted with discounts of 390-180 yuan/mt, or an average discount of 285 yuan/mt, on February 17, and was quoted with discounts of 430-210 yuan/mt, or an average discount of 320 yuan/mt on February 24, 35 yuan/mt lower than a week earlier.
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