SHANGHAI, Aug. 4 (SMM) – Spot copper were offered at discounts of RMB 30-100/mt against SHFE 1508 copper in Shanghai On Tuesday. Traded prices were RMB 38,250-38,470/mt for standard-quality copper and RMB 38,270-38,530/mt for high-quality copper.
SHFE copper prices continued falling trend today and spot copper premiums remained low. Wait-and-see sentiment loomed market. Imported copper kept increasing. Cargo holders rushed to sell, throwing spot copper into discounts. Some traders hunted cheaper copper for term contract. As a whole, trades were weaker than August 3. Growing supply may send spot premiums down further.