Spot Copper Price Movement on Jul. 5

SHANGHAI, Jul. 5 (SMM) – Spot copper offers were between discounts of negative RMB 60/mt and premiums of positive RMB 20/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 56,150-56,300/mt, and RMB 56,200-56,350/mt for high-quality copper. SHFE copper prices came under pressure and helped spot copper discounts narrow marginally despite sufficient market supply. As copper prices slipped near the midday, cargo-holders in spot markets held divergent views. Cargo-holders who were optimistic towards future copper prices insisted on premiums of positive RMB 0/mt, while pessimists chose to step up sales volumes with large discounts. Traders favored high-quality copper with discounts, and downstream producers stuck to a source-to-order strategy.