[Cu Price]Spot Copper Premiums Post a Large Drop (Jul. 29, 2015)

Published: Jul 29, 2015 13:26

Save

Spot copper premiums slipped to RMB 70-160/mt from Wednesday morning’s RMB 150-230/mt in Shanghai market.

SHANGHAI, Jul. 29 (SMM) – Spot copper premiums slipped to RMB 70-160/mt from Wednesday morning’s RMB 150-230/mt in Shanghai market. Traded prices were RMB 39,520-39,840/mt for stand-quality copper and RMB 39,550-39,900/mt for high-quality copper.

SHFE copper rebounded considerably, pushing copper/LME copper price ratio up to 7.4. Consequently, a large number of copper imports flowed into China market. Additionally, speculators were keen to sell to book profits. Both factors drove supply up. To excite deals, traders compete to lower spot premiums. Big price gap existed between standard-quality and high-quality copper. Some speculators started to hunt goods again with spot premiums on stand-quality copper below RMB 100/mt, which helped spot premiums to gradually hold stable. Trades improved slightly today.

spot copper prices Cu price

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

Economic Improvement of the Boumadine Polymetallic Mine in Morocco

1 hour ago

2 hours ago

Rising Fed Rate Hike Expectations and Zinc Inventory Buildup Weigh on SHFE Zinc【SMM Zinc Futures Review】

【Rising Fed Rate Hike Expectations and Renewed Zinc Inventory Buildup Weigh on SHFE Zinc】SHFE zinc 2611 contract opened at 26,555 yuan/mt, briefly edged up to 26,595 yuan/mt, then fluctuated lower to touch 26,280 yuan/mt. It closed at 26,335 yuan/mt, down 265 yuan/mt, or 1.00%, from the night-session close......

2 hours ago

US Fed rate hike expectations heat up, combined with zinc ingot social inventory shifting from decline to increase, SHFE zinc falls under pressure [SMM zinc futures review]

[Expectations for US Fed interest rate hikes intensify, combined with zinc ingot social inventory shifting from decline to increase, SHFE zinc falls under pressure] The daytime session of SHFE zinc 2611 contract opened at 26,555 yuan/mt, briefly rose to 26,595 yuan/mt in early trading, then drifted lower to a low of 26,280 yuan/mt, and finally closed at 26,335 yuan/mt, down 265 yuan/mt from the night session close, a decline of 1.00%. Trading volume increased to 58,201 lots, while open interest decreased by 108 lots to 128,000 lots......

2 hours ago