SHFE Spot Copper Price Movement on Aug. 9

SHANGHAI, Aug. 9 (SMM) –Spot copper offers were quoted between premiums of positive RMB 0-250/mt today. Trade prices for standard-quality copper were between RMB 64,450-64,900/mt, and RMB 64,500-65,000/mt for high-quality copper. SHFE copper prices opened lower again, and then rallied slightly after touching a yearly low level. In this context, copper premiums fell to positive RMB 0/mt. Downstream producers remained active in purchasing at low prices, and transactions made by traders increased after initially falling during the trading day. Rapid declines in copper premiums reflected continuous panic sell-off sentiment, which kept market participants cautious.