Nov 14 (LTIT) –Premiums of spot copper extended increase from the previous two days, rising to as high as 170 yuan/mt over the SHFE November contract on the morning of November 14 in Shanghai as downstream consumers stepped up purchases on lower futures prices.

Quotes this morning stood at 150-170 yuan/mt, with actual trades occurring at 130-140 yuan/mt for standard-quality copper and at 150-160 yuan/mt for high-grade copper. These compared with spot premiums of 110-150 yuan/mt on the morning of November 13.

Brisk trades also propped up prices of hydro-copper to a premium of 70-80 yuan/mt as of noon on November 14.

The upside room of spot offers, however, was capped by a narrower price spread between the SHFE November and December contracts, as the delivery of the SHFE November contract is due tomorrow.

On November 14, the SHFE November contract hovered below 47,000 yuan/mt and ended the morning trading session slightly lower at 46,890 yuan/mt.

At noon on November 14, high-grade copper traded at 47,020-47,050 yuan/mt and standard-quality copper traded at 47,000-47,030 yuan/mt.