SHANGHAI, Jul 9 (SMM) – Prices of futures and spot premiums of copper slid on the morning of Tuesday July 9, but transactions remained weak as traders expected further downside room in prices.
Premiums for standard-quality copper fell to 40-50 yuan/mt, against the SHFE front-month July contract, and that for high-quality copper to 80-90 yuan/mt at noon, compared with premiums up to 100 yuan/mt in early trades this morning. Relatively tight supply of hydro-copper kept its discounts firm at 30-10 yuan/mt at noon.
Fluctuating prices of copper sidelined downstream consumers. Traders inquiried actively, but made limited purchases as they held out for lower copper prices.
On the morning of Tuesday July 9, the SHFE 1907 contract weakened and settled at 46,100 yuan/mt at the end of the morning trading session, down 220 yuan/mt from that time on July 8.
At noon on July 9, high-grade copper traded at 46,200-46,250 yuan/mt and standard-quality copper traded at 46,160-46,210 yuan/mt.