SHANGHAI, Jul 23 (SMM) – Spot copper was mostly offered flat to a premium of 50 yuan/mt over the SHFE 1808 contract in Shanghai on Monday July 23. This was little changed from offers last Friday.
Trading activity, however, cooled from last Friday and downstream buyers mostly purchased as needed. This was despite premiums lowered by 10-20 yuan/mt to 30-40 yuan/mt during the day for high-quality copper, and offers dipping from a premium of 10 yuan/mt to flat over the 1808 contract for standard-quality cargoes.
The SHFE 1808 contract climbed up from the previous trading day but faced continued pressure at the 49,000 yuan/mt level.
Meanwhile, there were inflows of imported materials over the weekend as the import window opened last week. Spot premiums in the short run will be closely related to changes in domestic inventory and cash pressure at sellers, SMM believes.
At noon, high-grade copper traded at 48,700-48,800 yuan/mt and standard-quality copper traded at 48,660-48,760 yuan/mt.