SHANGHAI, Jul 17 (SMM) – Trades of spot copper weakened on the morning of Wednesday July 17 in Shanghai even as futures prices slid. Sellers kept from offloading cargoes with higher premiums, which sidelined downstream consumers.
Spot copper was mostly offered at a premium of 20-80 yuan/mt over the SHFE front-month August contract at noon, compared with offers down to flat against the same contract on the morning of Tuesday July 16.
Transactions of standard-quality copper cooled as sellers raised premiums to 30 yuan/mt at noon, from 20 yuan/mt in early trades. Premiums of high-quality copper stemmed increase at 90 yuan/mt as downstream procurement was few.
Offers of hydro-copper stood at a discount of 40-20 yuan/mt at noon.
On the morning of Wednesday July 17, the SHFE August contract hovered at lows and settled at 46,800 yuan/mt at the end of the morning trading session, down 60 yuan/mt from that time on Tuesday.
At noon on July 17, high-grade copper traded at 46,900-46,940 yuan/mt and standard-quality copper traded at 46,840-46,900 yuan/mt.