SHANGHAI, Jul 30 (SMM) – Smaller arrivals of seaborne materials and limited cash flow pressure kept spot copper sellers holding offers firm on the morning of Tuesday July 30 in Shanghai, even as downstream consumption barely picked up.
At noon of July 30, premiums of standard-quality copper climbed and stabilised at 20-30 yuan/mt, over the SHFE front-month August contract, after deals occurred at a premium of 10 yuan/mt in early trades, and premiums of high-grade copper stood at 50-60 yuan/mt.
Supply shortage kept discounts of hydro-copper at 20-10 yuan/mt, with some low-quality imported materials at a discount of 30 yuan/mt.
On Tuesday July 30, the SHFE August contract extended overnight gains and ended the morning trading session at 47,250 yuan/mt, up 400 yuan/mt from that time on July 29.
At noon on July 30, high-grade copper traded at 47,300-47,350 yuan/mt and standard-quality copper traded at 47,260-47,350 yuan/mt.