Spot Copper Price Movement on Jul. 23

SHANGHAI, Jul. 23 (SMM) – Spot copper offers were between premiums of positive RMB 80-180/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 55,120-55,420/mt, and RMB 55,150-55,520/mt for high-quality copper. SHFE copper prices started lower and then slumped by over RMB 1,000/mt, so hedged copper flew into spot markets. In this context, spot copper supply was both ample and diversified. As SHFE copper prices again fell by nearly RMB 300/mt near the midday, market pessimism grew and spot copper premiums were unable to increase further. Traders’ buying was restricted given high copper premiums, while downstream producers merely bought at the lows but turned into a wait-and-see posture after copper prices tumbled. Cargo-holders were generally eager to sell for cash amid pessimism over future copper prices, but buyers were wary of purchases.