Spot Copper Price Movement on Jul. 13

SHANGHAI, Jul. 13 (SMM) – Spot copper offers were between discounts of negative RMB 50/mt and premiums of positive RMB 50/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 55,600-55,660/mt, and RMB 55,650-55,750/mt for high-quality copper. China’s GDP data and other economic data continued to fall and raised market speculation over further relaxation in monetary measures. Cargo-holders in spot markets thus sold aggressively when SHFE copper prices inched higher, keeping market supply both diversified and sufficient. As a result, spot copper premiums narrowed and standard-quality imported copper even traded at discounts while high-quality copper also reported discount quotes. Some traders continued to buy spot copper and sell copper futures contracts before SHFE 1207 copper continuous copper price rebound. Overall market transactions, though, improved marginally.