SHFE Spot Copper Price Movement on Aug. 5

SHANGHAI, Aug. 5 (SMM) –Spot copper discounts were quoted between negative RMB 40-80/mt today. Trade prices for standard-quality copper were between RMB 69，500-69，600/mt, and RMB 69，550-69，650/mt for high-quality copper. Base metals prices slumped due to panic sentiment, but the falling pace of copper prices was slower than other base metals. Offers for spot copper were reported at premiums, and market players for hedge purpose came into the market. However, spot premiums were not firm, and trading was made at slight discounts for standard-quality copper. Downstream producers increased buying at low prices, resulting in brisk market transactions.