SHFE Spot Copper Price Movement on Aug. 23

SHANGHAI, Aug. 23 (SMM) –Spot copper offers were quoted between premiums of positive RMB 80-180/mt today. Trade prices for standard-quality copper were between RMB 66,550-66,650/mt in the morning business, and RMB 66,600-66,750/mt for high-quality copper. As SHFE copper prices were weighed down, bullish sentiment gradually weakened, resulting in low buying interest. As traders were forced to move goods because of long-term contracts which are due before the month-end, market supply became ample. As a result, spot copper premiums failed to increase.