SHANGHAI, Jul 15 (SMM) – Transactions of spot copper were active in Shanghai on the morning of Monday July 15 as limited cargoes arrived social warehouses over the weekend, especially for high-grade copper, and this encouraged purchases by traders.
Offers started to be made against the SHFE August contract as the July contract will be delivered today. The spread between July, August contract fluctuated and widened to 80-100 yuan/mt at noon of July 15.
Lower supply, greater purchases lifted premiums of high-quality copper to 70-80 yuan/mt, over the SHFE August contract, while trades of standard-quality copper occurred at flat to a premium of 20 yuan/mt.
SMM expects higher offers of high-grade copper may buoy premiums of other types of copper products to 40-100 yuan/mt in the sessions ahead.
On Monday July 15, the SHFE August contract strengthened and ended at 46,900 yuan/mt at the end of the morning trading session, up 290 yuan/mt from that time on Friday July 12.
At noon on July 15, high-grade copper traded at 46,710-46,930 yuan/mt and standard-quality copper traded at 46,670-46,680 yuan/mt.