Spot Copper Premiums Drop to RMB 180-230/mt on Growing Supply (Jul. 6, 2015)

SHANGHAI, Jul. 6 (SMM) – Spot copper was offered RMB 180-230/mt over SHFE 1507 lead in Shanghai on Monday. Traded prices were RMB 41,880-42,360/mt for standard-quality copper and RMB 41,900-42,380/mt for high-quality copper.

Price gap between SHFE 1507 and 1508 copper widened above RMB 300/mt. Cargo holders rushed to sell and some speculators booked profits. The large rise in imported copper supply drove spot premiums down. Hydro-copper prices were also cheap with many goods flowing into market. Both standard-quality and high-quality copper prices fell. Traders watched while downstream buyers waited for a further price fall, leaving trades softening.