Narrowing Spot Copper Premiums Fail to Drive Trades up (Jul. 7, 2015)

SHANGHAI, Jul.7 (SMM) – In Shanghai market, spot copper traded RMB 180-230/mt higher than SHFE 1507 copper on Tuesday. Traded prices were RMB 41,180-41,380/mt for standard-quality copper and RMB 41,200-41,400/mt for high-quality copper.

Copper futures prices extended decline. Hedged goods continued to flow into market. Imported copper also increased in the market. Price spread between SHFE 1507 and 1508 copper enlarged. Investors waited for a further pricefall. Thus, speculators were keen to lower spot premiums to sell, pushing spot premiums to narrow. Even so, trades failed to pick up with few traders and downstream buyers entering market.