Spot Copper Price Movement on Jul. 24

SHANGHAI, Jul. 24 (SMM) – Spot copper offers were between premiums of positive RMB 60-180/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 54,920-55,080/mt, and RMB 55,000-55,150/mt for high-quality copper. SHFE copper prices hovered feebly after starting lower. Cargo-holders were moving goods stably and kept spot copper supply sufficient. During major trading hours, HSBC China manufacturing PMI was reported to improve from the previous reading and helped SHFE copper prices pare some of earlier losses, leading spot copper premiums to fall. Downstream producers continued replenishing stocks at the lows, but overall market transactions were limited and largely contributed by traders.