SHANGHAI, Jul. 1 (SMM) – On Thursday, spot copper was offered RMB 230-270/mt higher than SHFE 1507 copper contract in Shanghai market. Standard-quality copper traded at RMB 42,750-42,820/mt with RMB 42,770-42,850/mt for high-quality copper.
Cargo holders were reluctant to sell in the morning but some moved goods out as Wednesday. Later, a small number of speculators hunted copper at low, especially favoring standard-quality copper. This allowed premiums on standard-quality copper over SHFE 1507 copper to grow slightly with premiums on high-quality copper staying stable, thus cutting price gap between them. All in all, spot supply was abundant. Downstream buyers still only purchased for immediate requirements. Trades failed to turn better today.