Rebound in futures prices deters spot copper trades

SHANGHAI, Jul 11 (SMM) – A rebound in futures prices of copper and macroeconomic uncertainties sidelined spot copper consumers on the morning of Thursday July 11, after they restocked at lower prices on Wednesday July 10.

At noon of July 11, spot sellers cut premiums for standard-quality copper to 60-70 yuan/mt, against the SHFE front-month July contract, and premiums for high-grade copper to 100-110 yuan/mt, compared with a high of 120 yuan/mt in early trades. 

Lower premiums barely improved transactions from yesterday as traders and downstream consumers held ample inventories after they stockpiled on July 10.  

Relatively lower supply of hydro-copper kept its offers firm at a discount of 10 yuan/mt to a premium of 10 yuan/mt at noon of July 11. 

On Thursday July 11, the SHFE July contract extended gains from an overnight rally and ended at 46,450 yuan/mt at the end of the morning trading session, up 580 yuan/mt from that time on July 10.

At noon on Thursday July 11, high-grade copper traded at 46,540-46,580 yuan/mt and standard-quality copper traded at 46,500-46,550 yuan/mt.