Spot Copper Price Movement on Jul. 27

SHANGHAI, Jul. 27 (SMM) – Spot copper premium quotes were positive RMB 80-150/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 54,820-54,980/mt, and RMB 54,850-55,050/mt for high-quality copper. SHFE copper prices trended higher after starting up, so hedged copper was restricted, causing spot copper supply to decrease. Therefore, cargo-holders in spot markets insisted on firm premium quotes, which, however, were largely resisted by market buyers. Some traders chose to buy spot copper and sell copper futures contracts, while downstream producers continued to buy as needed, keeping overall market transactions limited.