Shanghai Spot Copper Price Movement on Sept. 9

SHANGHAI, Sept. 9 (SMM) –Shanghai spot copper offers were quoted between discounts of negative RMB 100/mt and premiums of positive RMB 0/mt today. Traded prices for standard-quality copper were between RMB 67,880-67,980/mt in the morning business, and RMB 67,950-68,050/mt for high-quality copper. As China's CPI data remained higher in August, SHFE copper prices felt weak to move upward. In this context, cargo-holders were eager to move goods to generate cash and avoid risks before the Chinese Mid-Autumn Festival holiday, resulting in a significant increase in market supply. To promote transactions, cargo-holders voluntarily allowed spot copper to be traded at discounts, but the situation of oversupply kept demand weak, although some downstream producers increased stockpiling before the festival.