SHANGHAI, Jul. 4 (SMM) – Spot copper offers were between discounts of negative RMB 70/mt and premiums of positive RMB 50/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 56,150-56,330/mt, and RMB 56,200-56,430/mt for high-quality copper. SHFE copper prices slipped after initially surging, so the SHFE/LME copper price ratio continued to fall, depressing imported copper cargo-holders’ interest in moving goods. In consequence, spot copper discounts narrowed from the previous session. Some traders opted to make purchases owing to slight discounts in high-quality copper. However, spot copper discounts narrowed rapidly near the midday as copper prices retreated, and high-quality copper offers turned into slight premiums. Downstream producers stuck to the sidelines, and market transactions were still dominated by traders and speculators.
