SHANGHAI, Aug. 18 (SMM) – In Shanghai market, spot copper premiums declined to RMB 0-50/mt on Tuesday from Monday’s RMB 0-60/mt against SHFE 1509 copper. Traded prices were RMB 39,130-39,200/mt for standard-quality copper and RMB 39,180-39,250/mt for high-quality copper.
SHFE copper prices posted a modest drop. Cargo holders tended to hold spot prices firm after the delivery of SHFE 1508 copper. Some speculators hunted for cheap goods. Investors turned optimistic about future spot premiums as imported copper was gradually absorbed by market. However, downstream buyers purchased as needed. Traders contributed to trades a lot on Aug. 18.