SHFE Spot Copper Price Movement on Aug. 11

SHANGHAI, Aug. 11 (SMM) –Spot copper offers were quoted between discounts of negative RMB 250-100/mt today. Trade prices for standard-quality copper were between RMB 66,700-66,800/mt, and RMB 66,800-66,900/mt for high-quality copper. Although SHFE copper prices moved higher after a low open, panic sentiment was still dominating the market. As a result, cargo-holders were eager to move goods for cash generation, and copper discounts increased all the way. Speculators took advantages of discounts for high-quality copper to make purchases before the delivery dates, while downstream producers having orders and capitals continued to make purchases at low prices.