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.