Spot Copper Price Movement on Jul. 9

SHANGHAI, Jul. 9 (SMM) – Spot copper offers were between premiums of positive RMB 10-80/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 55,520-55,620/mt, and RMB 55,580-55,680/mt for high-quality copper. As SHFE copper prices dropped considerably, cargo-holders in spot markets became more willing to move goods amid growing pessimism towards future copper price trends, keeping market supply sufficient. In response, spot copper premiums fell all the way and enticed a small number of traders with enough cash to buy high-quality copper before SHFE 1207 copper contracts are delivered. Downstream producers, though, kept on their toes due to a lack of clear copper price trends, leading to limited actual market transactions.