Spot copper was mostly offered at a discount of 50 yuan/mt to a premium of 20 yuan/mt over the SHFE 1806 contract on Monday May 21 in the Shanghai market. This compared with a discount of 80-20 yuan/mt on Friday May 18.
Sellers raised offers from last Friday amid an optimistic outlook from as US-Sino trade tension eased. The SHFE 1806 contract stood firm above 51,000 yuan/mt and soared to a high of 51,330 yuan/mt this morning.
However, downstream mostly purchased on demand and took a cautious stance on the first trading day of the week.
Favoured by traders, high-quality copper mostly traded at a premium of 10 yuan/mt in the morning without an offer at a discount. Standard-quality copper saw fewer transactions than high-quality copper, with discounts declining to 50 yuan/mt from 30 yuan/mt during the morning trading session.
At noon, higher-grade copper traded at 51,180-51,300 yuan/mt and standard-quality copper traded at 51,140-51,240 yuan/mt.