SHANGHAI, Jan. 19 (SMM) -- SHFE three-month copper contract prices opened RMB 590/mt lower to RMB 59,990/mt on Monday due to a weaker LME copper market, and later moved upward to RMB 60,900/mt. Spot discounts expanded from negative RMB 100-20/mt to negative RMB 150-50/mt. Copper prices in the SHFE afternoon trading market showed relatively stable performance, with three-month copper prices fluctuating in the RMB 60,780-60,980/mt range. Spot discounts were in the negative RMB 100-150/mt. The spot copper market reported mild transactions after its strong gains starting from earlier January ended, with waning bullish sentiment reported. However, it doesn't suggest actual demand will drop significantly. Buying interest at lower prices reported last Wednesday and today, and higher imports indicates downstream producers will continue to look for an appropriate opportunity to build stocks before the Chinese New Year holiday, which will support copper prices.
SMM predicts LME copper prices will move around USD 7,500/mt this week.
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