Spot Copper Price Movement on Jul. 10

SHANGHAI, Jul. 10 (SMM) – Spot copper offers were between discounts of negative RMB 20/mt and premiums of positive RMB 80/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 55,630-55,730/mt, and RMB 55,670-55,830/mt for high-quality copper. As SHFE copper rebounded marginally, the SHFE/LME copper price ratio rose to above 7.3, propelling imported copper cargo-holders to move goods aggressively. Slight copper discount quotes occurred and dragged down high-quality copper. The price gap between standard-quality imported copper and high-quality domestic copper widened, so traders chose to buy in spot markets and sell futures contracts. Downstream producers, though, continued to buy as needed. Market transactions were largely made by traders as a result.