SHANGHAI, Jul. 24 (SMM) – SHFE copper extended losses July 24 and more speculators entered market. In Shanghai, downstream buyers actively built stocks before weekend when copper prices fell below RMB 39,000/mt, driving supply down in market and pushing spot premiums up. SHFE copper rallied over RMB 200/mt from low near noon and trades were thus limited slightly. As a whole, downstream buyers contributed much to active trades.
Spot copper were offered RMB 350-410/mt higher than SHFE 1508 copper July 24 in Shanghai. Traded prices were RMB 38,850-39,150/mt for standard-quality copper and RMB 38,880-39,200/mt for high-quality copper.