SHFE Spot Copper Price Movement on Aug. 8

SHANGHAI, Aug. 8 (SMM) –Spot copper offers were quoted between premiums of positive RMB 50-150/mt today. Trade prices for standard-quality copper were between RMB 68,000-68,180/mt, and RMB 68,100-68,250/mt for high-quality copper. As SHFE copper prices slumped by 2%, all spot copper offers returned into premiums. Downstream producer’s purchases at low prices were hampered due to panic sell-offs in commodity markets, while higher spot copper premiums also dampened trader’s buying interest. Market players for hedge trading were active in moving goods, but market sentiment remained bearish.