SHANGHAI, Jul. 27 (SMM) – On Monday, spot copper was offered at premiums of RMB 330-410/mt over SHFE 1508 copper. Traded prices were RMB 39,160- 39,240/mt for standard-quality copper and RMB 39,220-39,300/mt for high-quality copper in Shanghai.
SHFE copper posted a modest rise and cargo holders turned to quote higher today. More imported hydro-copper and standard-quality copper flowed into market, driving spot supply up. But trades were worse than last week.
In the afternoon, traders started to lower spot premiums to stimulus trades. But high-quality copper held firm and the price gap widened between high-quality and standard-quality copper. Limited profits were left for traders and thus they remained cautious. Downstream buyers were resultant to buy after building stocks last week. Market thus saw light trades.