Spot Copper Price Movement on Jul. 30

SHANGHAI, Jul. 30 (SMM) – Spot copper premium quotes were positive RMB 20-100/mt in Shanghai in the morning business. Traded prices for standard-quality copper were between RMB 55,450-55,530/mt, and RMB 55,480-55,630/mt for high-quality copper. As SHFE copper prices rebounded significantly, and as July ends, cargo-holders in spot markets were eager to move goods for cash, causing spot copper premiums to slip all the way. Cargo-holders of high-quality copper cut premiums first owing to relatively high supply. As SHFE forward copper contracts gained the rising momentum near the midday, low-quality copper cargo-holders in spot markets insisted on higher price quotations. Downstream producers took a wait-and-see posture during the first trading day of the week, and overall market transactions were restricted at high price levels.