SHANGHAI, Nov. 4 (SMM) – In Shanghai, spot copper traded at discounts RMB 30-90/mt on Wednesday, versus RMB 38,660-38,740/mt for standard-quality copper and RMB 38,680-38,780/mt for high-quality copper.
SHFE lead rallied and cargo holders rushed to sell, growing spot supply. This expanded spot discounts to RMB 40-90/mt in the afternoon business. On the other hand, market demand stayed anemic. Traders still favored cheaper goods and downstream producers watched from sidelines. Hydro-copper prices were lowered first and then spot discounts on high-quality copper expanded. Though standard-quality copper prices held firm temporarily, discounts are expected to widen further amid ample supply.