SMM

Spot premiums in Shanghai fell before rallying last week. SMM reported that #1 copper cathode traded with premiums of 10-50 yuan/mt against SHFE 2304 copper contract two Fridays ago, and with premiums of 30-60 yuan/mt over the same contract last Friday April 14. Spot premiums will fluctuate with the price spread between the SHFE front-month and next-month copper contracts this week as the SHFE 2304 copper contract is due for delivery on Monday April 17.