SHFE Spot Copper Price Movement on Aug. 29

SHANGHAI, Aug. 29 (SMM) –Spot copper offers were quoted between discounts of negative RMB 20/mt and premiums of positive RMB 50/mt today. Trade prices for standard-quality copper were between RMB 67,320-67,450/mt in the morning business, and RMB 67,380-67,500/mt for high-quality copper. SHFE copper prices moved higher after a low open, and without guidance from LME copper prices, positions were insufficient in futures markets, keeping spot markets cautious. Downstream producers made fewer purchases due to high SHFE copper prices, while suppliers were active moving goods at the month’s end and forced to reduce premiums. Offers for imported standard-quality copper were reported at slight discounts levels, and markets were not confident about rebounds in future copper prices.