Spot Copper Price Movement on Jul. 3

SHANGHAI, Jul. 3 (SMM) – Spot copper offers were between discounts of negative RMB 150-0/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 55,800-56,150/mt, and RMB 55,850-56,300/mt for high-quality copper. Spot copper discounts enticed some traders to buy at the lows. SHFE copper prices followed LME copper to experience three rounds of surges during major trading hours, up by RMB 600/mt, so traders made purchases earlier chose to move goods aggressively for cash. This caused high-quality copper to trade at about discounts of negative RMB 50/mt. Downstream producers resisted prices above RMB 56,000/mt and merely bought as needed, while some traders made purchases when discounts for standard-quality copper expanded to around negative RMB 150/mt. In this context, market transactions were mainly contributed by traders.