SHANGHAI, May 29 (SMM) – Spot copper was mostly offered at a discount of 80-20 yuan/mt to the SHFE 1806 contract on Tuesday May 29 in the Shanghai market. This compared with a discount of 90-20 yuan/mt on Monday May 28.
The SHFE 1806 contract gained nearly 300 yuan/mt to a high of 51,560 yuan/mt in the morning.
Transaction liquidity was down from the previous day as sellers were unwilling to increase discounts from Monday amid rising copper prices. The majority of demand also moved to cargoes with June invoices, SMM learned.
High-quality copper saw more transactions than standard-quality materials when its discounts deepened to 50 yuan/mt from 40-20 yuan/mt in the morning. Standard-quality copper was mostly offered at a discount of 80-70 yuan/mt.
At noon, high-grade copper traded at 51,240-51,480 yuan/mt and standard-quality copper traded at 51,200-51,440 yuan/mt.
For editorial queries, please contact Daisy Tseng at daisy@smm.cn
For more information on how to access our research reports, please email service.en@smm.cn