SHANGHAI, Aug. 6 (SMM) – Spot discounts fell slight to RMB 20-50/mt on Thursday in Shanghai market, compared with RMB 38,500-38,580/mt for standard-quality copper and RMB 38,540-38,640/mt for high-quality copper.
SHFE copper prices rallied from low Thursday. Some speculators sourced high-quality copper early morning. This allowed spot copper to turn to premiums from discounts. But spot premiums started to slip as trades were curbed by growing SHFE copper prices. Hydro-copper prices stayed low while imported copper decreased modestly after a week’s sell at discounts. Wait-and-see posture still loomed downstream market.