Spot copper premiums in Shanghai firm on improved purchases

SHANGHAI, Jul 6 (SMM) – Premiums of spot copper cathode moved steadily higher in Shanghai on the morning of Monday July 6 as consumers favoured low-priced cargoes and made enquiries actively, while Shanghai copper opened at low levels on Monday. 

Trades of standard-grade copper were brisk at premiums of 10-20 yuan/mt, against the SHFE July contract in early session. This added to sellers confidence in spot copper prices, prompting them to lift premiums to 30 yuan/mt near noon. High-quality copper was priced at premiums of 30-40 yuan/mt as of noon, with transactions not as active as that of standard-quality copper. 

Meanwhile, discounts of hydro-copper continued to expand, to 70-60 yuan/mt from 50-40 yuan/mt during the morning trades, due to continued sufficient supplies. 

The SHFE July copper contract opened at low levels of 49,060 yuan/mt on Monday but traded higher during the day, ending the morning trading session down 0.12% on the day at 49,140 yuan/mt. 

As of noon on July 6, trades of high-grade copper occurred at 49,020-49,220 yuan/mt with standard-quality copper trading at 49,010-49,210 yuan/mt.