SHANGHAI, Oct. 28 (SMM) – SHFE 1102 copper contract price fluctuated around RMB 63,950/mt on Thursday. The struggle between shorts and longs remained, leaving a strong wait-and-see attitude. SMM believes SHFE copper market will continue to fluctuate ahead of the US Federal Reserve’s interest rate meeting in earlier November.
Downstream buying interest improved to an extent on Thursday in view of the existing larger discounts in the spot copper market. However, copper processing enterprises met difficulties in replenishing goods, since cargo-holders represented strong unwillingness to move goods, leaving overall transactions lackluster. Some traders told SMM that the consumption of previously low-cost goods was helping keep scrap copper price firm. Besides, purchasing interest towards scrap copper increased due to its price advantages compared with refined copper, supporting traders’ optimistic outlook.
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