Jan 3 (LTIT) –Sellers of spot copper firmed up offers in Shanghai on Thursday January 3, as lower prices of futures grew downstream enthusiasm for restocking. Premiums stood mostly at 50-140 yuan/mt over the SHFE 1901 contract this morning, compared with premiums of 40-100 yuan/mt onJ an 2.

Brisk purchases by traders buoyed offers by some 10 yuan/mt to a premium of 140 yuan/mt for high-quality copper at noon. Standard-quality copper attracted relatively fewer interests, and mostly traded at a premium of 50 yuan/mt at noon, compared with a premium of 60 yuan/mt offered in the early morning. Limited supplies of hydro-copper kept its offers flat over the SHFE 1901 contract.

Limited upward room is expected in premiums as an open import arbitrage window grow imports in the short run, SMM believes.

On the morning of January 3, the SHFE 1901 contract hovered at 47,300 yuan/mt and settled at 47,280 yuan/mt at the end of the morning trading session, down 590 yuan/mt from that time on January 2.

At noon on January 3, high-grade copper traded at 47,400-47,480 yuan/mt and standard-quality copper traded at 47,320-47,400 yuan/mt.