SHFE Spot Copper Price Movement on Aug. 4

SHANGHAI, Aug. 4 (SMM) –Spot copper discounts were quoted between negative RMB 50-30/mt today. Trade prices for standard-quality copper were between RMB 71,350-71,400/mt, and RMB 71,400-71,450/mt for high-quality copper. SHFE copper prices moved lower after a low open, and speculative sentiment was dampened. In this context, spot copper discounts tended to change from discounts to premiums, with offers for leading brands like the “Guixi” brand already quoted between discounts of negative RMB 0/mt and slight premiums. Market trading was mainly made by participants for the purpose of hedge trading. Downstream producers continued to make purchases at lows, while trader’s buying interest weakened due to a significant drop in copper discounts.