Spot Copper Price Movement on Jul. 18

SHANGHAI, Jul. 18 (SMM) – Spot copper offers were between premiums of positive RMB 20-120/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 55,800-55,940/mt, and RMB 55,850-56,000/mt for high-quality copper. As SHFE copper prices remained weak, spot copper premiums rose to around positive RMB 100/mt. The SHFE/LME copper price ratio still lacked momentum to increase and propelled cargo-holders to raise premiums, which, however, were unable to mover high owing to both diversified and sufficient supply. Market participant resisted high prices and capped the rising trend. Downstream producers continued buying as needed, while traders still bought spot copper and sold SHFE copper contracts. Market surpluses were still pronounced.