SHANGHAI, Aug. 3 (SMM) – On Monday, spot copper premiums fell to RMB 0-80/mt over SHFE 1508 copper, versus RMB 38,650-38,780/mt for stand-quality copper and RMB 38,680-38,830/mt for high-quality copper.
SHFE copper extended losses but copper/LME copper price ratio stayed high, allowing more copper imports to flow into domestic market. In the morning, spot premiums dropped to RMB 20-80/mt. But buyers were still unwilling to accept the lower prices, driving spot premiums down further. Near noon, hydro-copper was shipped out at discounts. Spot premiums on standard-quality and high-quality copper decreased to RMB 0/mt and RMB 50/mt, respectively. As such, some traders hunted cheaper copper. Downstream buyers purchased as needed.