SHANGHAI, May 24 (SMM) – Spot copper offer discounts narrowed some 10 yuan/mt from Wednesday to 100-20 yuan/mt over the SHFE 1806 contract on Thursday May 24, SMM learned.
Weighed down by LME copper, the SHFE copper 1806 contract slumped nearly 500 yuan/mt last night. The contract continued to trade weakly this morning.
Sellers attempted to raise offers this morning but there were few purchases. Offers then moved close to levels from the previous day, at a discount of 30 yuan/mt for high-quality copper, and a discount of 100-80 yuan/mt for standard quality copper.
Traders accounted for most transactions, while downstream buyers purchased on demand.
The price spread for cargoes with May and June invoices stood at 20 yuan/mt and is likely to widen as prices of cargoes with June invoices could dip further given ample supply.
At noon, higher-grade copper traded at 51,120-51,200 yuan/mt and standard-quality copper traded at 51,080-51,140 yuan/mt.
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