SHFE Spot Copper Price Movement on Aug. 15

SHANGHAI, Aug. 15 (SMM) –Spot copper offers were quoted between premiums of positive RMB 0-120/mt today. Trade prices for standard-quality copper were between RMB 67,150-67,250/mt, and RMB 67,200-67,350/mt for high-quality copper. Due to a drop in SHFE copper prices and the arrival of the last trading day before the delivery date, cargo-holders tried to increase premiums. Since markets were not confident about future copper prices, both market supply and demand were in a stalemate. Small price gap among all SHFE copper contracts made hedge trading impossible. After the end of delivery date, copper premiums will likely return.