SHANGHAI, Jul. 16 (SMM) – On July 16, refined copper in Shanghai physical market was quoted between a discount of RMB 20/mt and a premium of RMB 100/mt premium over the SHFE 1408 copper contract prices. Traded prices were RMB 50,830-50,970/mt for standard-quality copper and RMB 50,900-51,070/mt for high-quality copper.
Cargo holders tried to hold prices flat with Tuesday’s level after SHFE 1408 copper contract rolled over to the front-month contract. However, soft consumption caused some sellers to lower quotes later. Most goods available in the market are standard-quality and high-quality copper. Traders were less willing to purchase, while downstream buyers started sourcing goods after copper prices stabilized.