SHANGHAI, Jul. 15 (SMM) – Spot copper traded at a discount of RMB 60-140/mt against SHFE 1507 copper on Wednesday in Shanghai. Standard-quality copper was offered at RMB 41,200-41,300/mt and RMB 41,240-41,340/mt for high-quality copper.

In the morning, price gap narrowed to RMB 200/mt between SHFE 1507 and 1508 copper. Copper could maintained a discount of RMB 60/mt, which however, was not accepted by cargo holders and downstream buyers. Later, the price spread widened to about RMB 400/mt and some traders were willing to cut prices to sell with copper futures prices falling, driving spot discounts up to RMB 80-100/mt for high-quality copper and to RMB 120-140/mt for standard-quality copper. Some traders were still reluctant to purchase against the large spot discounts. Those traders and many downstream buyers schemed to enter market  tomorrow.