SHANGHAI, Jul.23 (SMM) – On Thursday, spot copper traded RMB 270-330/mt higher than SHFE 1508 copper in Shanghai, versus RMB 39,440-39,880/mt for standard-quality copper and RMB 39,480-39,940/mt for high-quality copper.
SHFE copper slipped near RMB 1,000/mt and large number of speculators hunted cheap copper, driving trades up at lows. In the afternoon, SHFE copper rallied over RMB 500/mt. Trades buying copper in the morning moved goods out for profit-taking and spot supply increased. But spot premiums only fell slightly and trades were thus limited. Traders were then slow to enter market while downstream buyers had troubles in sourcing cheap copper and purchased as needed. Deals were hence mainly made between speculators.