SHANGHAI, Apr 26 (SMM) – Spot copper with invoices for April was mostly offered at a premium of 240-300 yuan/mt over the SHFE 1805 contract on Thursday April 26 in the Shanghai market, slightly down from the previous day, SMM learned.
Lacking support from downstream consumption, trading stayed lacklustre amid sufficient supply. This was despite sellers lowering offers to a premium of 240-250 yuan/mt for higher-grade copper and to a premium of around 210 yuan/mt for standard-quality copper at noon. The spot premiums of hydro-copper declined to 170-200 yuan/mt, compared with a premium of 200-220 yuan/mt of the previous day.
Higher-grade copper with invoices for May was offered at a discount of 80-50 yuan/mt, and standard-quality copper at a discount of 110-70 yuan/mt. They were at low levels mainly due to the relatively sufficient supply of cargoes with invoices for May, and a lower value-added tax effective next month.
Trading is likely to be even quieter on Friday as it would be the last trading day before the Labour Day holiday, given a large gap between cargoes with April and May invoices.
At noon, higher-grade copper mostly traded at 51,740-51,850 yuan/mt and standard-quality copper traded at 51,720-51,820 yuan/mt.
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