SHANGHAI, Jul. 27 (SMM) –The most active contract moved in a narrow range of RMB 38,100-38,300/mt on Monday and dipped to RMB 37,940/mt due to China’s falling stocks, to close at RMB 37,980/mt, down by RMB 140/mt or 0.37%.
Spot copper was offered at premiums of RMB 330-410/mt over SHFE 1508 copper early Monday. 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.
More imported hydro-copper and standard-quality copper flowed into market, driving spot supply up, while t trades were worse than last week. 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. Spot premiums fell to RMB 280-400/mt in the afternoon.