SHANGHAI, Jul. 22 (SMM) – On Wednesday, SHFE copper extended losses. Cargo holders sourced cheap copper in Shanghai market. Trading was active in the morning for delivery of term contract. More buyers favored high-quality copper, leaving price gap between standard-quality and high-quality copper to widen.
With the drop of SHFE copper, spot premiums grew to a recent high. But trades were closed when spot premiums on high-quality copper were driven up above RMB 300/mt. Spot availability increased in market and trades went through a drop after a growth. Copper at RMB 40,000/mt could attract more buyers.
Spot copper was offered at a premium of RMB 220-300/mt in Shanghai today. Traded prices were RMB 40,000-40,400/mt for standard-quality copper and RMB 40,020-40,440/mt for high-quality copper.